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China's economy grew by 5.4 percent in the fourth quarter. (archive image)
Keystone
According to official figures, China's economy grew by five percent last year. This was announced by the Beijing Statistics Office. This means that the government's growth target of "around five percent" was achieved.
According to the figures, the second-largest economy grew by 5.4 percent in the fourth quarter. In the previous three quarters, it had grown by 5.3 percent, 4.7 percent and 4.6 percent since January.
The country's economy has recently suffered above all from the struggling real estate market and weak domestic consumption. Beijing has undertaken a number of measures to stimulate the economy. However, economists have warned that further aid is needed to give the economy new momentum.
With the inauguration of Donald Trump in the US, further headwinds could now loom. The US President-elect has already threatened China with new tariffs that would burden mutual trade. Trump had already started a trade war with Beijing during his first term in office.
"The economic situation in China is not expected to improve significantly in 2025 either," said economist Max Zenglein from the Merics China Institute in Berlin.
The Chinese government's growth target for the current year will be announced in March when the People's Congress convenes for its annual session.
17.01.2025, 03:15
