According to the official data release, China’s economy grew 5% in real terms in 2024, to Rmb134,908.4 billion (US$18,943.3 billion). That’s equal to Rmb95,797 – US$13,400 – per person.
Urban (and national) consumer prices, again according to the official numbers, rose just 0.2% during the year; those in the rural areas rose 0.3%.
The renminbi averaged 7.1217 to the US dollar, 1.2% lower than in 2023. The central bank’s foreign exchange reserves totaled US$3,202.4 billion, down 1.1%.
Domestic retail trade rose 3.5%, to Rmb48,334.5 billion. 26.5% was on-line.
Two-way trade ran to Rmb43,846.8 billion. Exports were up 7.1% and imports by 2.3%, leaving a Rmb7,062.3 billion trade surplus ($987.9 billion). Utilized direct foreign investment fell 28.8%, to US$116.2 billion. Out-bound non-financial FDI reached $143.8 billion, up 10.5%.
Central government fiscal revenues are budgeted to rise 1.1% to Rmb21.9 trillion. Spending will rise 3.6% (Rmb28.5 trillion), leaving a 13.1% larger deficit of Rmb6,5554 billion.
Average urban household disposable income reached US$7,460, while in the rural sector it was $3,183. In local currency terms, and without considering the effects of inflation (average +1.6% p.a.), those numbers were 87.9% and 120.4%, respectively, higher than a decade earlier.
Source: STATISTICAL COMMUNIQUÉ OF THE PEOPLE’S REPUBLIC OF CHINA ON THE 2024 NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT, National Bureau of Statistics of China February 28, 2025 [https://www.stats.gov.cn/english/PressRelease/202502/t20250228_1958822.html]
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