China reaffirms commitment to achieving 2024 goals

With 2024 nearing an end amid the complex and evolving domestic and global economic landscape, the National Development and Reform Commission (NDRC), the country's top economic planner, on Tuesday reaffirmed its commitment to achieving the year's economic growth goal of about 5 percent.

It stressed that favorable conditions and robust supporting factors will continue to underpin the country's economic development in the coming year.

Thanks to the sustained effects of existing policies, the implementation of incremental measures, and the cumulative impact of policy synergies, China's economy is expected to maintain its recovery momentum in November and December.

"We are collaborating with all stakeholders to ensure the annual economic growth target is achieved," said NDRC spokesperson Li Chao at a press conference.

Marginal improvements were seen across several key indicators in September, with further gains in October, Li said.

In October, the value-added of manufacturing enterprises above the designated size increased by 5.4 percent year-on-year, with the value-added of equipment manufacturing rising by 6.6 percent, and high-tech manufacturing seeing a 9.4 percent gain, data from the National Bureau of Statistics showed.

Retail sales reached 4.54 trillion yuan ($627 billion) in the month, up 4.8 percent year-on-year, accelerating by 1.6 percentage points compared with the previous month.

In addition, both the stock and real estate markets have become more active. In October, transactions of new and secondhand homes nationwide rose by 3.9 percent year-on-year, the first increase after eight months of decline, Li said.

"The government's commitment to stabilizing investment, growth, and the economy is stronger than ever, with a range of policy measures steadily being rolled out," Huang Bin, a deputy director of the Guoyan Economic Research Institute, told the Global Times on Tuesday.

It is expected that economic growth will remain at a relatively stable level in the near term, Huang said.

Overall, achieving the growth target of about 5 percent this year is feasible, with a projected year-on-year growth rate of 5.4 percent in the fourth quarter, Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Tuesday.

China's GDP grew 4.8 percent year-on-year in the first three quarters of 2024.

Looking ahead to 2025, Li said that there will be many favorable conditions and supportive factors for economic development in China. More than 300 major reform measures outlined at the Third Plenary Session of the 20th Communist Party of China Central Committee are being rapidly implemented, and China's vast market size remains a clear advantage, with significant untapped demand still to be unleashed, Li stressed.

Take new-type urbanization as an example. China's overall urbanization rate still has significant room to rise. Estimates show that each percentage point increase in the urbanization rate could drive 1 trillion yuan in investment and more than 200 billion yuan in consumption demand, Li said.

Many migrant workers have settled in cities but have not fully accessed urban welfare benefits. Therefore, increased investment is needed to improve their social security. Once their welfare is enhanced, it will unlock significant consumption potential, further driving growth in the urban economy and consumer market, according to Huang.

Other robust supporting factors include significant investment demand in areas such as energy conservation and carbon reduction. New consumption sectors, including the digital and green industries, as well as services like eldercare and childcare, continue to see a strong demand, Li continued.