China's economy expands 5% in 2024, reaching target helped by strong exports, stimulus measures

China's economy expands 5% in 2024, reaching target helped by strong exports, stimulus measures

China's economy expanded at a 5% annual pace in 2024, achieving Beijing’s target of “around 5%” growth helped by strong exports and recent stimulus measures.

In quarterly terms, the economy grew 5.4% in October-December, the government reported Friday.

Exports accelerated as companies and consumers rushed to beat potential tariff hikes incoming President-elect Donald Trump may impose on Chinese goods.

The world’s second largest economy has in recent years faced increasingly intense trade and geopolitical tensions with the U.S while grappling with lagging domestic demand.

The Chinese economy grew at a 5.2% annual rate in 2023.