China hits full-year GDP growth target on strong Q4 expansion

SINGAPORE (ICIS)–China posted a 5% full-year 2024 economic growth, in line with the government’s target, on the back of a strong Q4 performance, official data showed on Friday.

The GDP growth last year, however, still represents a slowdown from the 5.2% expansion recorded in 2023.

In October-December 2024, annualized GDP grew at a faster pace of 5.4%, compared with 4.6% in the previous quarter, spurred by stimulus measures, the National Bureau of Statistics (NBS) said on Friday.

Despite the strong Q4 growth, the world’s second-biggest economy still faces difficulties and challenges amid widening impacts from changing external environment and inadequate domestic demand, NBS said.

It added that the country will employ more pro-active and effective macroeconomic policies to expand demand, promote innovation, stabilize expectations and drive growth.

China is a major importer of petrochemicals but its self-sufficiency has grown significantly over the years.

Heavy capacity additions have turned the country into a net exporter of selected petrochemicals, including purified terephthalic acid (PTA).

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Thumbnail image: Steel Chimney, Huai’an, China – 03 January 2025 (Costfoto/NurPhoto/Shutterstock)