China's GDP Growth on Track to Meet 2024 Official Target

Investing.com -- China's gross domestic product (GDP) is expected to grow by approximately 5% over the course of 2024. According to Chinese leader Xi Jinping, this indicates that the world's second-largest economy is on track to meet its official targets.

During a New Year's event on Tuesday, Xi reported that the Chinese economy is generally stable and progressing steadily. He noted that risks in critical areas are being effectively managed, and employment and price levels remain consistent.

The exact figure for GDP growth will be announced next month. However, Xi's comments end a year filled with economic uncertainties. The growth target, initially viewed as an "unplanned goal," appears more achievable following numerous stimulus measures implemented since the end of September. Economists are now forecasting a growth rate of 4.8% for 2024.

In his New Year's address to the country's leading political advisory body, Xi stated that economic support will continue until 2025. He reiterated the call for the adoption of more proactive macroeconomic policies.

China is likely to set a growth target for 2025 that is approximately equivalent to this year's goal. This follows indications from senior leaders in early December that they are prepared to roll out stronger stimulus measures. Such actions will help the economy mitigate the effects of potential increases in U.S. tariffs following President-elect Donald Trump's return to the White House next month.

The official GDP growth target for 2025 will be announced during the annual legislative sessions in March.