China - January 21, 2025 China's GDP expands 5 pct in 2024, meeting annual target (Voice_over) According to preliminary estimates, the gross domestic product of China was 134 trillion yuan in 2024, approximately 18 trillion U.S. dollars, which is an increase of 5 percent over the previous year, meeting the annual growth target. (Sound_bite) Kang Yi, Director, National Bureau of Statistics: "In 2024, by industries, the value of the primary industry was up 3.5 percent compared to 2023. The secondary industry increased by 5.3 percent and the tertiary industry was up by 5 percent." (Voice_over) Data shows that grain output reached a new level and production of animal husbandry grew steadily, while industrial production, equipment manufacturing and service sector all grew in the previous year. (Sound_bite) Kang Yi, Director, National Bureau of Statistics: "In the first quarter, the economy had a good start, but in the second and third quarter, the government saw challenges and took a series of measures to spur production, consumption, and market growth. The economy grew 5.4 percent in the fourth quarter from a year earlier, the largest expansion since the second quarter of 2023." (Voice_over) Data also shows that in 2024, the consumer price index went up by 0.2 percent compared to the previous year. Producer prices and purchasing prices for industrial products both went down by 2.2 percent year on year. [Restriction: No access Chinese mainland]