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Gross domestic product rose 5% in the world’s second-largest economy, data released by the National Bureau of Statistics on Friday showed, slightly exceeding the median estimate of 4.9% in a Bloomberg survey. President Xi Jinping said on New Year’s Eve the country was expected to meet the growth goal of around 5%.
The economy grew 5.4% in October-December from the same period a year earlier, the fastest pace in six quarters and better than economists’ median forecast of 5%. The pickup was more pronounced on a quarterly basis, with the growth of 1.6% the highest since March 2023.
The yuan rose 0.1% in both the onshore and offshore markets after the data release.
The numbers suggest Beijing’s policy pivot since late September helped counter headwinds from a years-long property slump and entrenched deflation.
It has vowed further monetary easing and stronger public spending this year, as the economy braces for Donald Trump’s return to the White House. The US president-elect has threatened tariffs of as high as 60% on Chinese goods that could decimate trade with the Asian country and hurt a key growth driver.
The economy was “overall stable and progress with stability” in 2024, the NBS said in a statement. “But we also need to see that the negative impact from changing external environment is deepening, domestic demand is insufficient, some companies are facing difficulties with production and operation, and the economy still faces plenty of difficulties and challenges,” it added.