CCTV News: The State Council Information Office held a press conference on January 17, and the National Bureau of Statistics announced that China’s GDP will grow by 5% year-on-year in 2024. The relevant person in charge said that in 2024, the national economy will be generally stable and make progress, and the main goals and tasks of economic and social development will be successfully completed.
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Preliminary calculations show that the GDP in 2024 will be 134.9084 billion yuan, an increase of 5.0% over the previous year based on constant prices. Looking at quarters, GDP increased by 5.3% year-on-year in the first quarter, 4.7% in the second quarter, 4.6% in the third quarter, and 5.4% in the fourth quarter.
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From a production perspective, industrial production has a good growth momentum. The added value of industries above designated size nationwide increased by 5.8% year-on-year. The manufacturing industry grew by 6.1%.
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From the perspective of consumption, market sales maintained growth. The total retail sales of consumer goods for the whole year was 48,789.5 billion yuan, an increase of 3.5% over the previous year. National online retail sales were 15,522.5 billion yuan, an increase of 7.2% over the previous year.
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Consumer prices were generally stable, with the annual consumer price (CPI) rising by 0.2% over the previous year. The national average urban surveyed unemployment rate for the whole year was 5.1%, down 0.1 percentage points from the previous year, and the employment situation was generally stable.
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Financial Review: Confidence and Confidence from Quality to Increment
The GDP exceeds 130 trillion yuan, and the economic increment in one year is equivalent to the economic volume of a medium-sized country in one year. On January 17, China’s economy once again delivered a dazzling annual “report card”. Behind the numbers is not only a reasonable increase in “quantity”, but also an effective improvement in “quality”.
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In this report card, positive factors supporting the economic development are accumulating. For example, our country’s innovation capabilities have been further improved. In 2024, basic research funding will increase by 10.5%, accounting for 6.91% of R&D funding. The seeds of innovation have sprouted, grown and are being transformed into the "maximum increase" in new productivity.
When observing China's economy, we must not only look at the "shape" of short-term fluctuations, but also the "trend" of long-term development. At present, our country is in a critical period of kinetic energy transformation. Some traditional kinetic energy is weakening, but at the same time, we see that the proportion of new kinetic energy represented by the digital economy continues to increase. In 2024, the added value of the information transmission, software and information technology service industries will increase by 10.9% over the previous year. As of the end of November 2024, the number of 5G base stations in my country will reach 4.19 million. The digital economy empowers thousands of industries and has become an important support and key engine for the development of new productivity.
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Our country is a very large-scale economy, and both supply and demand can support the domestic cycle. This is the basic support and foundation for the stable and long-term development of our country's economy. At the same time, new industries, new business formats, new models, and various fields are accelerating to seize the new track of economic development. Through these dazzling data, what we see is the breadth and diversity of China's economic growth. This is also China’s greatest confidence in dealing with risks and challenges.
