China Economic Monitor: 2025 Q1

The report points out that China's real GDP will grow by 5% in 2024, of which the growth rate in the fourth quarter will exceed expectations and rise to 5.4%, making a decisive contribution to the smooth realization of the economic growth target of "around 5%" throughout the year. Benefiting from the effect of the previous package of incremental policies, residents' consumption and local government investment in the fourth quarter stopped falling and rebounded, while exports remained strong driven by the "scramble for exports" activities of foreign trade enterprises. It is expected that the above supporting factors will continue to drive the sustained economic recovery in the first quarter of 2025.