China says its GDP grew by 5% despite the doubts of its economists

The objective was met, it almost always is. The gross domestic product (GDP) of the second largest economy on the planet grew by 5% in 2024, according to official figures published Friday January 17. The suspense was thin, as the authorities had pushed, in recent months, for the 5% objective to be met. Chinese President Xi Jinping beat the recall in October, after weeks of gloomy indicators, by ordering executives to “to struggle” to achieve this.

The latest public statistics confirm the growing imbalance between production which is growing vigorously (5.8% in 2024), and less dynamic sales of goods (3.5%, compared to 7.2% in 2023). “The negative impacts caused by the external environment are increasing, domestic demand is insufficient, some companies are having production and operating difficulties,” notes the National Bureau of Statistics. Another major and long-term challenge, the population has declined for the third consecutive year, raising questions of dynamism, productivity, financing of old people, and the country’s capacity to absorb the overflow of apartments already built.

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