China's Economy Grows 5% in 2024 Amid Challenges

In 2024, China's economy expanded by 5%, achieving its growth target amid an array of challenges including a property crisis and high youth unemployment. The fourth quarter saw notable growth of 5.4%, driven by strong exports and stimulus measures. However, weak consumer spending and ongoing deflationary pressures continue to pose risks for future growth. Demographic issues, including a declining population and rising living costs, further complicate recovery efforts. Analysts are cautious, forecasting a gradual slowdown in growth as the country navigates external pressures and its transition towards a high-tech economy.