President Xi Jinping highlighted some of the economic achievements of China in 2024 in a customary New Year’s Eve speech on 31st December. He mentioned that the GDP of China is projected to surpass 130 trillion yuan in 2024. Grain production additionally shall exceed 700 million tons, which helps ensure food security. The production of new energy vehicles also exceeded 10 million in a single year in the country. Kavan Choksiunderlines that in China, breakthroughs have also been made in artificial intelligence, quantum communications and integrated circuits in 2024.
Kavan Choksi provides a general insight into China’s economy
The economy of China grew by 5% year-on-year to 134.9 trillion yuan or $18.77 trillion in 2024, topping 130 trillion yuan for the first time. Leading provinces of China especially achieved advancements in their respective GDP. The Guangdong Province in South China achieved economic output of more than 14.16 trillion yuan in 2024. On the other hand, Zhejiang Province in East China crossed the 9 trillion-yuan threshold for the very first time, and achieved GDP of 9.01 trillion yuan. In addition to Southwest China’s Sichuan Province, Central China’s Henan and Hubei Province also joined the 6 trillion-yuan category. Shanghai and East China’s Anhui Province also exceeded the 5 trillion-yuan threshold.
Major economic provinces of the country play a major role in driving the overall economic growth in China. These provinces account for a considerable proportion of the national economy. Their accelerated growth additionally offers decisive momentum for the economic expansion of the nation. Economically developed provinces of China are well-positioned in important areas like foreign trade, domestic demand, as well as advancing new quality productive forces. Having robust foundations in place, these provinces can achieve rapid growth, drive breakthroughs in important industries, as well address weaknesses with higher efficiency. They also help lead coordinated development of less developed regions. As Kavan Choksi mentions, the most economically developed provinces in China have set their GDP growth targets between 5 % and 5.5 % for 2025. They additionally would continue to play key roles in driving economic growth.
China is the world’s second largest economy, and it continues to seek sustainable ways to boost growth. China is a major exporter of goods worldwide and it reported a record trade surplus in early 2025. The country, however, continues to struggle to meet its domestic consumer spending goals. At the moment, the country is trying to spur more consumer-led growth instead of investment-led growth. While it definitely is not downplaying the importance of its export activity, the bigger challenge for the country is expanding internal demand.
From 2000 to 2019, China emerged as one of the most rapidly expanding economies on the planet, with an average annual GDP growth rate surpassing 9%. However, since 2020, this growth rate has declined, averaging 4.7%. In 2024, the economy of China did manage to exceed forecasts by achieving a 5.0% growth rate, though slower growth is anticipated in 2025. The Chinese government is now aiming to shift the economy’s focus toward stronger consumer-driven growth.
