BEIJING, February 28th (AMSP/CGTN) – – China’s new quality productive forces was a driving force in last year’s economic growth.
Official data shows China’s G-D-P in 2024 increased by 5-percent from 2023, topping 134 trillion yuan. The value added of the tertiary industry showed robust growth, accounting for nearly 57-percent of the G-D-P. New quality productive forces developed at a steady pace, including high-technology manufacturing, new energy vehicles, and service robots.
The green and low-carbon transformation continued to be promoted, with the proportions of national carbon dioxide emissions accounted in G-D-P shrinking. The total retail sales of consumer goods increased by 3-point-5 percent.
China’s total value of imports and exports increased by 5-percent, reaching 43-point-8 trillion yuan. And the country continues to double down on its expenditures on research and experimental development activities. As for tourism, the number of inbound trips made by international travelers to China under the visa-free policies totaled 20 million, an increase of over 112-percent. The number of China’s outbound visits reached nearly 146 million.
According to preliminary estimates, the gross domestic product (GDP)[2] in 2024 was 134,908.4 billion yuan, up by 5.0 percent over the previous year. The value added of the primary industry accounted for 6.8 percent of the GDP; that of the secondary industry accounted for 36.5 percent; and that of the tertiary industry accounted for 56.7 percent. The contribution of the final consumption expenditure to GDP growth rate was up by 2.2 percentage points.
New quality productive forces developed at a steady pace. Among the industries above the designated size[11], the value added of the manufacture of equipment[12] was up by 7.7 percent over the previous year, accounting for 34.6 percent of that of all industrial enterprises above the designated size. The value added of the high technology manufacturing industry[13] increased by 8.9 percent, accounting for 16.3 percent of that of all industrial enterprises above the designated size.
The output of new energy vehicles reached 13.168 million, up by 38.7 percent over the previous year; that of solar cells (photovoltaic cells) was 0.68 billion kilowatts, up by 15.7 percent; that of service robots reached 10.519 million, up by 15.6 percent; and that of 3D printing devices totaled 3.418 million, up by 11.3 percent. Among the service enterprises above the designated size[14], the business revenue of the strategic emerging service industries[15] went up by 7.9 percent compared with the previous year.
The investment in high technology industries[16] increased by 8.0 percent over the previous year and the investment in technology transformation of manufacturing[17] grew by 8.0 percent. The e-commerce transactions[18] reached 46,409.1 billion yuan, up by 3.9 percent over the previous year. The online retail sales[19] reached 15,228.7 billion yuan, up by 7.2 percent over the previous year. In 2024, the number of newly established business entities was 27.37 million, with 24 thousand enterprises newly established per day on average.
Green and low-carbon transformation was further promoted. According to preliminary estimates, the national carbon dioxide emissions per 10,000 yuan worth of GDP[21] in 2024 dropped by 3.4 percent over that of the previous year.
In 2024, the total retail sales of consumer goods[38] reached 48,334.5 billion yuan, up by 3.5 percent over the previous year.
The total value of imports and exports of goods in 2024 reached 43,846.8 billion yuan, up by 5.0 percent over that of the previous year.
The year 2024 witnessed the new establishment of 59,080 foreign-invested enterprises, up by 9.9 percent over that of the previous year, and the foreign investment actually utilized totaled 826.3 billion yuan, down by 27.1 percent, or 116.2 billion US dollars, down by 28.8 percent.
Expenditures on research and experimental development activities (R&D) were 3,613.0 billion yuan in 2024, up by 8.3 percent over that of 2023, accounting for 2.68 percent of GDP. Of this total, the number of inbound visits to China totaled 131.90 million, up by 60.8 percent.
The expenditures of inbound visitors to China totaled 94.2 billion US dollars, up by 77.8 percent. The number of inbound trips made by foreigners to China under the visa-free policies totaled 20.12 million, up by 112.3 percent.
The number of China’s outbound visits totaled 145.89 million. Of this total, 140.15 million were private visits and 97.12 million were to Hong Kong, Macao and Taiwan.
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