China’s economy “recovered remarkably” in the fourth quarter of 2024 thanks to stimulus policies, but it faces deepening challenges in the year to come, said the National Bureau of Statistics.
“With a package of incremental [stimulus] policies . . . confidence was effectively bolstered and the economy recovered remarkably,” the NBS said in its 2024 GDP data release.
At a press conference on the data, NBS director Kang Yi said last year could be “described as highly turbulent, marked by intensified geopolitical conflicts and escalating trade protectionism”.
He added: “The adverse effects of the external environment are deepening. Domestically, insufficient demand persists.”
Beijing views the economy as in transition between its old growth engines, particularly the property sector, which is undergoing a deep contraction, and new drivers, such as high-tech industries.
Kang said “employment and income growth” were under pressure and that “numerous risks and hidden dangers remain”.
https://www.ft.com/content/45c3f4ee-2825-45f3-aa4f-1d3615d06e3e
