On the sidelines of the Two Sessions in Beijing, China released an extensive report detailing the progress of the nation’s 2024 national economic and social development plans, along with a preview of their draft plan for 2025.

The report, issued by the National Development and Reform Commission (NDRC), outlines the achievements, challenges and key policies implemented throughout 2024 and sets the stage for the upcoming year.

The report highlights China’s economic growth, the deepening of reforms, and President Xi Jinping’s overarching leadership philosophies, which have steered the country toward greater stability and progress, despite global pressures.

The document also marks the implementation of the 14th Five-Year Plan during China’s 75th anniversary, a milestone underscoring the country’s commitment to long-term economic development.

According to the report, China’s GDP reached 134.9 trillion yuan in 2024, representing a 5% growth.

A key highlight was the policy initiatives, such as promoting equipment upgrades and consumer goods trade-ins, helped spur significant investment and sales in major sectors like automobiles and electronics.

However, challenges remain as labour productivity growth was slower than anticipated and retail sales saw only modest gains.

The Chinese government also made notable progress in the development of a unified national market and enhanced intellectual property protection.

As these efforts were complemented by breakthroughs in technological innovation, with notable achievements in space exploration, quantum computing, and Artificial Intelligence.

The report also emphasized China’s ongoing commitment to fostering innovation-driven development, with the establishment of national laboratories and advancements in high-tech sectors.

The government has continued its push for scientific and technological integration, further advancing education and talent training.

In 2024, China saw steady growth in consumer spending while on the industrial front, China made strides in transforming traditional industries and emerging sectors such as new Energy Vehicles (EVs), biomedicine, and satellite internet.

Furthermore, China continued its drive to enhance rural revitalization and poverty alleviation efforts.
Environmental conservation also remained a priority, with improved air and water quality, alongside projects aimed at peak carbon and carbon neutrality.

These efforts align with China’s broader commitment to green development and ecological sustainability.
As China prepares for the year ahead the report sets ambitious goals with a target GDP growth rate of around five percent and a surveyed urban unemployment rate of about 5.5 percent.

A proactive fiscal policy and accommodative monetary policy are central to the government’s strategy to ensure high-quality development.

In terms of key priorities, the Chinese government aims to further stimulate domestic consumption, develop high-quality productive forces, and enhance the innovation system.

Green development, carbon emission reductions, and pollution control are expected to be at the forefront of the country’s economic and social strategies.

The government will also continue to implement the integration of urban and rural development, with an emphasis on both economic prosperity and improvements in people’s well-being.

China continues to refine its growth trajectory, as it strives to secure its place in the global economy while addressing the evolving needs of its population.

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