Major Achievements in Economic Work in 2024

The year 2024 marked a crucial year for accomplishing the objectives and tasks set forth in the 14th Five-Year Plan (2021–2025). Despite mounting external pressures and internal difficulties, the CPC Central Committee with Xi Jinping at its core united and led the entire Party and Chinese people in responding with composure to the situation and adopting comprehensive measures. As a result, the economy maintained overall stability while making steady growth, solid headway was secured in promoting high-quality development, and new strides were made in advancing Chinese modernization. 

Accomplishing the main projected targets and tasks for economic and social development

In 2024, China’s economy grew by around 5%, accounting for almost 30% of global economic growth. Employment and prices were kept at stable levels. A basic equilibrium was maintained in the balance of payments, with foreign exchange reserves remaining at over US$3.2 trillion. Meanwhile, output and supply grew steadily, the industrial sector registered growth while maintaining stability, and the services sector expanded at a relatively rapid pace. 

Steadily advancing the development of new quality productive forces

We saw a constant stream of major scientific and technological advances throughout the year, with important progress in fields such as integrated circuits, artificial intelligence, and quantum technology. Faster strides were made toward modernizing the industrial system, new industries, products, and forms of business all saw vigorous growth, and further headway was made in promoting the intelligent and digital transformation of traditional industries. Our green and low-carbon transition picked up pace, as China became the first country to achieve an annual output of over 10 million alternative energy vehicles.

Deepening reform and opening up 

The 20th CPC Central Committee successfully convened its third plenary session, at which it set out plans for furthering comprehensive reform to advance Chinese modernization. Impressive achievements were secured in conducting international engagement in the economic field, with steady progress in advancing high-quality Belt and Road cooperation. The China Railway Express reached the milestone of over 100,000 total trips, while imports and exports between China and other Belt and Road countries grew by 6% in the first 11 months of 2024. Additionally, China saw a notable jump in international business and tourist arrivals.

Defusing risks in key areas in an effective and orderly way

A series of policy measures introduced since October 2024 has driven an effective rebound in confidence in the real estate market, with positive signs that the downturn has been halted and stability is being restored. Nationwide sales of newly constructed commodity housing, measured by floor area, recorded positive annual and monthly growth for two consecutive months. Effective steps have been taken to defuse and control risks related to local government debt and small and medium financial institutions. This ensured that no systemic risks arose.

Ensuring people’s wellbeing with substantive and vigorous steps

Personal incomes rose steadily, and more concrete benefits were extended to the people. China’s achievements in poverty alleviation were also further consolidated and expanded. A new record was set in grain production, with output exceeding 700 million metric tons, reinforcing the underpinning for national food security. Environmental quality also showed sustained improvement throughout the year.

While acknowledging these achievements, we must also be clear about the difficulties and challenges confronting the Chinese economy. These primarily include the following: insufficient domestic demand and weak consumer demand, operational difficulties among some enterprises, pressure on employment and income growth, a relatively high number of risks and hazards in certain fields, intensifying geopolitical conflicts, rising protectionism around the world, and adverse impacts arising from changes in the external environment. However, the Chinese economy has a proven track record of emerging stronger from adversity, and this fact should fill us with strong confidence and assurance as we carry out our economic work in 2025. 

Editor: Li Xiaoqiong