In 2024, global economic growth slowed due to factors such as escalating regional conflicts, trade tensions, and worsening debt issues in some countries. According to the latest forecast by the International Monetary Fund (IMF) in October, global economic growth was projected to reach 3.2 percent in 2024, not only lower than the 3.3 percent growth in 2023 but also below the average level of the years before the pandemic.
Amid this complex and challenging global economic and trade landscape, China’s economic strengths, including a solid foundation, numerous advantages, robust resilience, and vast potential, became more pronounced in 2024. The country not only successfully tackled various challenges but also experienced economic recovery and improvements despite fluctuations. China is expected to achieve a growth target of around 5 percent for the year. The domestic consumer market continued to recover, with a clear trend of consumption upgrading, making domestic demand a key driver for economic growth. Particularly after the central government’s introduction of a package of incremental policies in September 2024, market confidence was further boosted, and the consumption sector demonstrated even greater resilience and vitality.
https://news.cgtn.com/news/2025-01-16/China-s-domestic-demand-drives-growth-1Ad9LEdEnNS/p.html