China’s Economy Records 5% Growth in 2024 Amid Export-Driven Recovery
Source: newsbytesapp.com Exports Offset Domestic Economic Challenges China’s economy expanded by 5% in 2024, according to the National Bureau of Statistics, largely driven by surging exports and robust investments in manufacturing. While domestic economic issues, including the fallout from a real estate crash, continue to weigh heavily, a record trade surplus of nearly $1 trillion provided crucial support. Companies in China ramped up exports of electric vehicles, smartphones, and other products as weak consumer spending and a struggling middle class limited domestic demand. Private-sector investments in new factories and equipment rose by 9.2%, underscoring a shift towards meeting foreign market demand. The fourth quarter saw particularly strong growth, bolstered by a surge in car sales that lifted economic performance to an annualized rate of 6.6%. However, signs of economic malaise remain. Deflationary pressures, declining property values, and reduced consumer purchasing power have...