China hits 5% growth target for 2024 as Q4 GDP beats expectations
China's economy breezed through the final quarter of 2024 to hit the government's full-year target of 5%. GDP in the October to December period beat economists' estimates to expand at 5.4% — the quickest pace since early 2023. The better-than-expected economic performance comes on the back of interest rate cuts, liquidity injection and an expansion of a trade-in scheme for consumer goods. However, analysts warned that the fundamental economic picture may not be as rosy as the data suggests. Tan Si Hui reports.
China's economy breezed through the final quarter of 2024 to hit the government's full-year target of 5%. GDP in the October to December period beat economists' estimates to expand at 5.4% — the quickest pace since early 2023. The better-than-expected economic performance comes on the back of interest rate cuts, liquidity injection and an expansion of a trade-in scheme for consumer goods. However, analysts warned that the fundamental economic picture may not be as rosy as the data suggests. Tan Si Hui reports.
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