Global Times: 5% GDP growth shows nation's determination, confidence

BEIJING, Feb. 13, 2025 /PRNewswire/ -- China's GDP grew by 5 percent in 2024, surpassing 130 trillion yuan ($17.82 trillion) for the first time, successfully achieving pre-set key economic and social development goals.

This milestone reflects Chinese economy's strong resilience in the face of external pressures and domestic challenges, displaying China's ability to navigate uncertainties. And, it underscores a deeper truth that China has always grown stronger despite facing various challenges. The impressive growth rate ramps up our confidence in seeking an even brighter future.

The attainment is worth celebrating, especially after we have weathered a very critical year.

Externally, global economic recovery was sluggish, with escalating geopolitical conflicts, international trade tensions, and intensified efforts by certain countries to contain China's development. Domestically, the Chinese economy encountered insufficient market demand, while the strategic transition from the old to new growth drivers faced challenges. In an uncertain and unstable world, striving for sustainable growth in an economy as large as China's is never easy.

The 5-percent growth rate has reflected a reasonable rise in overall GDP volume - a significant and sizable expansion based on a high base of the year earlier. Being the world's second largest economy, the 5-percent growth means that China's incremental GDP last year is on par with the entire output of a medium-sized economy in the world.

The achievement also puts China's significant contribution to the global economic growth in spotlight.

The IMF forecasted the global average economic growth at 3.2 percent in 2024, with the developed economies growing by 1.8 percent and the emerging market economies expanding by 4.2 percent. China's contribution to the global growth last year was estimated to be around 30 percent. The country has consistently acted as the most important stabilizer and engine of the world's economy.

Non-stop innovations

It's clear to all that China's economy has gained in both quantity and quality, primarily thanks to Beijing's steadfast pursuit of developing new quality productive forces through non-stop innovations.

The world's fastest CR450 high-speed train prototype was just unveiled, with a commercial operating speed hitting 400 kilometers per hour. The second domestically-made large cruise ship has already finished assembly and full-system integration, reducing production time by more than two months compared with the first vessel. And, the country's high-tech manufacturing is very impressive, as more than 10 million new-energy cars were produced in 2024, in addition to the take-off of the low-altitude economy in major cities.

Increasingly, the world is witnessing a "greener" economy taking shape in China, as the country opens its full arms to embrace low-carbon green development.

Energy consumption intensity in China is estimated to have dropped by more than 3 percent in 2024, while the green renewable energy's share in the country's total installed generation capacity has surpassed 50 percent. China has already phased in a globally competitive new energy industry and supply chain.

The 5-percent GDP growth was achieved through the "concerted" efforts of the Chinese government and the country's huge market.

Last year's economy began on a high note in the first quarter, but downturn pressures increased in the second and third quarters caused by many internal and external factors which led to weakened market expectations and softened economic indicators.

Acclaimed policy moves

At the critical conjuncture, the policymaking process promptly went into motion. President Xi Jinping chaired a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee on September 26, 2024, and a series of incremental pro-growth policy measures were announced and implemented, which effectively stabilized the economy, improving its structure and sustaining a positive growth.

The new package of incremental pro-growth policies has won high acclaim, as it is "unprecedented in scope, scale, and depth," setting a new landmark in China's macro-economic readjustment and control history. It enabled a V-shaped economic rebound in 2024.

The policy measures taken are decisive and impactful. To be specific, the initiatives of promoting large-scale industrial equipment renewals and trade-ins of many consumer goods have paid off, unleashing greater domestic consumption potential and boosting investment vitality. Nearly all economic indicators bounced back for the better in the fourth quarter last year.

And, the pace of reforms has accelerated in the country. For example, nuclear power projects, railway transportation bidding and major government initiative were all opened to private companies, removing the previous barriers facing private firms.

Meanwhile, China's door to the outside world is opened up further. From Peru's Chancay Port to Shanghai, a new ocean shipping lane has garnered global attention, laying the foundation for an Asia-Latin America land-sea corridor in the new era.

Last year's 5-percent economic growth has reinforced our confidence and determination in pursuing another fruitful year in 2025, the final year of the 14th Five-Year Plan period (2021-25).

From "expanding domestic demand on all fronts" to "driving the development of new quality productive forces through scientific and technological innovation," from "ensuring major reform measures are effectively implemented" to "expanding high-standard opening up", the Central Economic Work Conference held in December 2024 laid out a comprehensive strategy for implementation.

All this have equipped the Chinese economy with the necessary tools to tackle the uncertainties in the external environment, and outlined a roadmap for the economy's transitioning to new growth drivers.

After more than 40 years of continuous rapid development, China's economy has now entered a stage of high-quality growth. The new round of technological revolution and industrial transformation is accelerating that will bring new opportunities for the world's largest manufacturing nation.

Government policies aimed at boosting domestic consumption and improving people's livelihoods are being rolled out constantly which are expected to inject new momentum to propel the country's high-quality development.

Chinese people are confident and focused on action. As a new year has kicked off, we are ready to greet it, overcoming the challenges and embracing the opportunities.

The article is based on a front page article of the People's Daily on February 13, 2025.

SOURCE Global Times