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Analysts say they see signs of malaise in China’s domestic economy, however, those disruptions have basically been offset through physically powerful exports and a $1 trillion industry surplus.
By Keith Bradsher
Reporting from Beijing and Jinan, China
The economic scars of the genuine turn of China’s destiny are evident in the many street markets of the country for construction materials. The home owners of the store that once sell everything from soft accessories and doors to bathrooms, are injured to customers.
At the same time, China’s exports have climbed sharply. Companies are shipping cars, smartphones and many other products to foreign markets that they can no longer sell at home. Private-sector companies are investing heavily in new factories and equipment to expand production for export.
On Friday, the National Bureau of Statistics said China’s economy grew by five percent last year as emerging exports and investment forged in commercial plants and appliances more commonly offset a persistent drop in construction.
The government had set a “5%” target almost a year ago. The 2024 number was only slower than China’s expansion rate of 5. 2% in 2023, when the country rebounded after nearly 3 years of municipal lockdown, mass forties, and other strict pandemic measures.
The economy grew more strongly from October through December than during any other quarter in the year. Lifted by strong car sales, the Chinese economy expanded late last year at a pace that, if extended for a full year, would represent a growth rate of 6.6 percent.
While official figures lead to skepticism, government economists insist that the economy has recovered its balance. “China’s economy is actually recovering in the midst of ups and downs,” said Yang Ping, director of Economic Studies of the National Development and Reform Commission, China’s most economic sensible .
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