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BEIJING / WAM
The Chinese Academy of Sciences’ Centre for Forecasting Science released a report, projecting that China’s economy will sustain steady growth in 2024, with an estimated GDP growth rate of approximately 5.3 percent.
According to China Daily, the report indicated that in 2024, the year-on-year growth rates for the primary, secondary and tertiary industries’ output are expected to reach 4.5 percent, 4.5 percent and 6 percent, respectively.
Consumption, investment and net exports are estimated to contribute 3.7, 1.9 and -0.3 percentage points to GDP growth, respectively, the report added.
It said China’s economic growth in 2024 is expected to show a pattern of starting low and ending high. The GDP growth in the first quarter is projected to be around 5 percent. Growth is expected to stand at around 5.3 percent in the second quarter, 5.5 percent and 5.4 percent in the third and fourth quarters.
“We are confident in China’s economic development. A recovery in growth is expected from the real economy to the service industry, among which the service industry is likely to recover faster. Emerging industries such as new materials and new energy will also develop rapidly,” said Hong Yongmiao, Director of the Centre.
The report highlighted that since 2023, China’s fixed-asset investment has seen a faster pace of structural improvement. A clear trend was observed as the transformation and upgrading in the manufacturing sector, with strong investment momentum in high-tech, intelligent and green industries, as well as new infrastructure.
In the first three quarters of 2023, China’s final consumption expenditure contributed to 83.2 percent of GDP growth, continuing to stabilise the country’s economic development.