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E-mail China.org.cn, February 25, 2025
Speakers:
Mr. Kang Yi, commissioner of the National Bureau of Statistics (NBS)
Mr. Fu Linghui, spokesperson of the NBS and director general of the Department of Comprehensive Statistics of the NBS
Chairperson:
Ms. Shou Xiaoli, director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO
Date:
Jan. 17, 2025
Shou Xiaoli:
Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). This is a regular briefing on economic data. Today, we have invited Mr. Kang Yi, commissioner of the National Bureau of Statistics (NBS), and Mr. Fu Linghui, spokesperson of the NBS and director general of the Department of Comprehensive Statistics of the NBS, to brief you on the performance of the national economy in 2024 and address your questions.
Now, I'll give the floor to Mr. Kang for his introduction.
Kang Yi:
Welcome to this press conference, and thank you for your longstanding interest in and support for statistical work. The Spring Festival is just around the corner, and I would like to start by extending my early wishes for the new year.
Next, I will provide an overview of the key indicators of China’s economic performance in 2024 followed by addressing your questions.
In 2024, the economy maintained steady progress, and the main development goals were successfully achieved.
In 2024, in face of the complex and severe environment with increasing external pressures and internal difficulties, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, adhered to the general principle of seeking progress while maintaining stability, fully and faithfully applied the new development philosophy on all fronts, accelerated efforts to foster a new pattern of development, and took solid steps in pursuit of high-quality development. As a result, the national economy was generally stable with steady progress and new achievements were made in high-quality development. Particularly, with a package of incremental policies being timely rolled out, social confidence was effectively bolstered and the economy recovered remarkably. The major targets and tasks of economic and social development were achieved.
According to preliminary estimates, the gross domestic product (GDP) was 134,908.4 billion yuan in 2024, an increase of 5.0% over the previous year at constant prices. By industries, the value added of the primary industry was 9,141.4 billion yuan, up by 3.5% over last year, that of the secondary industry was 49,208.7 billion yuan, up by 5.3%, and that of the tertiary industry was 76,558.3 billion yuan, up by 5.0%. In terms of quarters, GDP increased by 5.3% in the first quarter year on year, by 4.7% in the second quarter, 4.6% in the third quarter and 5.4% in the fourth quarter. GDP for the fourth quarter increased by 1.6% quarter on quarter.
First, grain output reached a new level and production of animal husbandry grew steadily.
The total output of grain in 2024 was 706.50 million metric tons, an increase of 11.09 million metric tons over the previous year, or up by 1.6%. Of this total, the output of summer grain was 149.89 million metric tons, up by 2.6%; that of early rice was 28.17 million metric tons, down by 0.6%; and that of autumn grain reached 528.43 million metric tons, up by 1.4%. By species, the output of wheat was 140.10 million metric tons, up by 2.6%; that of corn was 294.92 million metric tons, up by 2.1%; that of rice was 207.53 million metric tons, up by 0.5%; and that of soybeans was 20.65 million metric tons, down by 0.9%. The total output of pork, beef, mutton and poultry in 2024 was 96.63 million metric tons, up by 0.2% over the previous year. Of this, the output of pork was 57.06 million metric tons, down by 1.5%; that of beef was 7.79 million metric tons, up by 3.5%; that of mutton was 5.18 million metric tons, down by 2.5%; and that of poultry was 26.60 million metric tons, up by 3.8%. The production of milk reached 40.79 million metric tons, down by 2.8%; and that of eggs was 35.88 million metric tons, up by 0.7%. In 2024, 702.56 million pigs were slaughtered, down by 3.3%, and 427.43 million pigs were registered in stock at the end of the year, down by 1.6%.
Second, industrial production saw good growth momentum, and equipment manufacturing and high-tech manufacturing grew quickly.
In 2024, the total value added of industrial enterprises above designated size increased by 5.8% over the previous year. In terms of sectors, the value added of mining was up by 3.1%, that of manufacturing was up by 6.1%, and that of production and supply of electricity, thermal power, gas and water was up by 5.3%. The value added of equipment manufacturing went up by 7.7%, and that of high-tech manufacturing up by 8.9%, which were 1.9 percentage points and 3.1 percentage points faster than that of industrial enterprises above designated size, respectively. In terms of ownership, the value added of state holding enterprises grew by 4.2%, that of share-holding enterprises was up by 6.1%, that of enterprises funded by foreign investors and investors from Hong Kong, Macao and Taiwan increased by 4.0%, and that of private enterprises was up by 5.3%. By products, the production of new energy vehicles, integrated circuits and industrial robots grew by 38.7%, 22.2% and 14.2%, respectively. In the fourth quarter, the total value added of industrial enterprises above designated size grew by 5.7% year on year. In December, the total value added of industrial enterprises above designated size grew by 6.2% year on year, or up by 0.64% month on month. In the first 11 months, the total profits made by industrial enterprises above designated size were 6,667.5 billion yuan, down by 4.7% year on year.
Kang Yi:
Third, the service sector registered continued growth, and modern services enjoyed sound development.
The value added of the service sector went up by 5.0% over the previous year. The value added of information transmission, software and information technology services grew by 10.9%, leasing and business services grew by 10.4%, transportation, storage and postal services grew by 7.0%, accommodation and catering grew by 6.4%, finance grew by 5.6%, and wholesale and retail grew by 5.5%. In the fourth quarter, the value added of service sector went up by 5.8% year on year. In December, the Index of Services Production went up by 6.5% year on year, and specifically, that of leasing and business services grew by 9.5%, finance grew by 9.3%, information transmission, software and information technology services grew by 8.8%, and transportation, storage and postal services grew by and 8.3%. In the first 11 months, the business revenue of service enterprises above designated size grew by 8.2% year on year. Of this, the business revenue of leasing and business services grew by 11.5%, information transmission, software and information technology services, and transportation grew by 9.5%, storage and postal services grew by 8.3%.
Fourth, market sales continued growing and online sales were active.
In 2024, the total retail sales of consumer goods reached 48,789.5 billion yuan, up by 3.5% over the previous year. In terms of different areas, retail sales in urban areas reached 42,116.6 billion yuan, up by 3.4%; and retail sales in rural areas stood at 6,672.9 billion yuan, up by 4.3%. Grouped by consumption patterns, the retail sales of goods were 43,217.7 billion yuan, up by 3.2%; and the income of catering was 5,571.8 billion yuan, up by 5.3%. The sales of basic living goods and certain upgraded goods witnessed good growth momentum. The retail sales of household appliances and audio-video equipment grew by 12.3%, sports and recreational articles grew by 11.1%, communication equipment grew by 9.9%, and grain, oil and food by enterprises above designated size grew by 9.9%. National online retail sales reached 15,522.5 billion yuan, up by 7.2% over the previous year. Specifically, the online retail sales of physical goods were 13,081.6 billion yuan, up by 6.5%, accounting for 26.8% of the total retail sales of consumer goods. In the fourth quarter, the total retail sales of consumer goods went up by 3.8% year on year. In December, the total retail sales of consumer goods went up by 3.7% year on year, or up by 0.12% month on month. The retail sales of services in 2024 grew by 6.2% over the previous year.
Fifth, investment in fixed assets scaled up, and investment in high-tech industries grew rapidly.
In 2024, investment in fixed assets (excluding rural households) reached 51,437.4 billion yuan, up by 3.2% over the previous year; and with real estate development investment deducted, the investment in fixed assets was up by 7.2%. Specifically, investment in infrastructure increased by 4.4%, manufacturing went up by 9.2% and real estate development was down by 10.6%. The floor space of newly-built commercial buildings sold was 973.85 million square meters, down by 12.9%; and the total sales of newly-built commercial buildings were 9,675.0 billion yuan, down by 17.1%. By industry, investment in the primary industry went up by 2.6%; that in the secondary industry up by 12.0%; and that in the tertiary industry down by 1.1%. Private investment went down by 0.1%; and with investment in real estate development deducted, private investment grew by 6.0%. Investment in high-tech industries grew by 8.0%. Specifically, investment in high-tech manufacturing and high-tech services grew by 7.0% and 10.2%, respectively. In terms of high-tech manufacturing, the investment in manufacturing of aerospace vehicles and equipment and manufacturing of computers and office devices grew by 39.5% and 7.1%, respectively. In terms of high-tech services, investment in professional technical services and in services for the transformation of sci-tech achievements went up by 30.3% and 11.4%, respectively. In December, investment in fixed assets (excluding rural households) grew by 0.33% month on month.
Sixth, imports and exports of goods grew quickly and the trade structure continued to be optimized.
In 2024, the total value of imports and exports of goods was 43,846.8 billion yuan, an increase of 5.0% over the previous year. The total value of exports was 25,454.5 billion yuan, up by 7.1%; and the total value of imports was 18,392.3 billion yuan, up by 2.3%. Imports and exports with Belt and Road partner countries grew by 6.4%, accounting for 50.3% of total imports and exports. The exports of mechanical and electrical products grew by 8.7%, accounting for 59.4% of total exports. In December, the total value of imports and exports of goods was 4,067.0 billion yuan, up by 6.8% year on year. Specifically, the total value of exports was 2,409.9 billion yuan, up by 10.9%; and the total value of imports was 1,657.0 billion yuan, up by 1.3%.
Seventh, consumer prices were generally stable and the core consumer price index (CPI) went up slightly.
In 2024, the CPI increased by 0.2% over the previous year. Grouped by commodity categories, prices for food, tobacco and alcohol went down by 0.1%; clothing up by 1.4%; housing up by 0.1%; articles and services for daily use up by 0.5%; transportation and communication down by 1.9%; education, culture and recreation up by 1.5%; medical services and health care up by 1.3%; and other articles and services up by 3.8%. In terms of food, tobacco and alcohol prices, prices for fresh fruits went down by 3.5%, grain down by 0.1%, fresh vegetables up by 5.0%, and pork up by 7.7%. Core CPI excluding the prices of food and energy went up by 0.5%. In December, the CPI went up by 0.1% year on year, maintaining the same level month on month. In 2024, the producer prices and purchasing prices for industrial products both went down by 2.2% over the previous year; in December, the producer prices and purchasing prices for industrial products both went down by 2.3% year on year, or down by 0.1% month on month.
Eighth, employment was generally stable and the urban surveyed unemployment rate went down.
In 2024, the urban surveyed unemployment rate averaged 5.1%, 0.1 percentage point lower than that of the previous year. In December, the urban surveyed unemployment rate was 5.1%. The surveyed unemployment rate of population with local household registration was 5.3% and that of population with non-local household registration was 4.6%, of which the rate of population with non-local agricultural household registration was 4.5%. The urban surveyed unemployment rate in 31 major cities was 5.0%. Employees of enterprises worked 49.0 hours per week on average. In 2024, the number of rural migrant workers totaled 299.73 million, which was 2.20 million more than the previous year, or up by 0.7%. Specifically, local migrant workers totaled 121.02 million, up by 0.1%; and outbound migrant workers totaled 178.71 million, up by 1.2%.
Ninth, residents' incomes continued to increase and the incomes of rural residents grew faster than that of urban residents.
In 2024, the nationwide per capita disposable income of residents was 41,314 yuan, a nominal increase of 5.3% over that of the previous year, or a real growth of 5.1% after deducting price factors. In terms of permanent residence, the per capita disposable income of urban households was 54,188 yuan, a nominal growth of 4.6% over the previous year or a real growth of 4.4% after deducting price factors. The per capita disposable income of rural households was 23,119 yuan, a nominal growth of 6.6% over the previous year or a real growth of 6.3% after deducting price factors. The median of the nationwide per capita disposable income nationwide was 34,707 yuan, a nominal increase of 5.1% over the previous year. Grouped by income quintile, the per capita disposable income of the low-income group reached 9,542 yuan, the lower-middle-income group 21,608 yuan, the middle-income group 33,925 yuan, the upper-middle-income group 53,359 yuan, and the high-income group 98,809 yuan. In 2024, the nationwide per capita consumption expenditure was 28,227 yuan, a nominal growth of 5.3% over the previous year or a real growth of 5.1% after deducting price factors. Per capita consumption expenditure on food, tobacco and alcohol accounted for 29.8% of the per capita consumption expenditure (Engel’s coefficient), maintaining the same level compared with that of the previous year. Per capita consumption expenditure on services went up by 7.4%, accounting for 46.1% of the per capita consumption expenditure, which was 0.9 percentage point higher than that of the previous year.
Tenth, total population declined and the urbanization rate continued to rise.
By the end of 2024, the national population was 1,408.28 million (including the population of 31 provinces, autonomous regions and municipalities and servicemen, but excluding residents of Hong Kong, Macao and Taiwan and foreigners living in the 31 provinces, autonomous regions and municipalities), a decrease of 1.39 million over the end of 2023. In 2024, the number of births was 9.54 million with a birth rate of 6.77 per 1,000; the number of deaths was 10.93 million with a mortality rate of 7.76 per 1,000; and the natural population growth rate was minus 0.99 per 1,000. In terms of gender, the male population was 719.09 million, and the female population was 689.19 million; and the sex ratio of the total population was 104.34 males to every 100 females. In terms of age structure, the population aged 16 to 59 was 857.98 million, accounting for 60.9% of the total population; and the population aged 60 and over was 310.31 million, accounting for 22.0% of the total population. Specifically, the population aged 65 and over was 220.23 million, accounting for 15.6% of the total population. In terms of urban-rural structure, the number of permanent residents in urban areas was 943.50 million, an increase of 10.83 million over the end of the previous year; and the number of permanent residents in rural areas was 464.78 million, a decrease of 12.22 million. The share of urban population to the total population (urbanization rate) was 67.00%, 0.84 percentage point higher than that at the end of the previous year.
Generally speaking, the national economy in 2024 was stable overall with steady progress, high-quality development advanced steadily, and new solid strides were taken in building Chinese modernization. However, we must be aware that adverse effects created by the external environment are increasing, domestic demand is insufficient, some enterprises have difficulties in production and operation, and the economy is still facing difficulties and challenges. In the next stage, we must take Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guideline, fully implement the guiding principles of the 20th CPC National Congress, and the second and third plenary sessions of the 20th CPC Central Committee, adhere to the arrangements made by the Central Economic Work Conference and adhere to the general principle of pursuing progress while ensuring stability. We must fully and faithfully apply the new development philosophy on all fronts, accelerate efforts to foster a new pattern of development and take solid steps in pursuing high-quality development. We must further deepen reform and opening up, implement more proactive and effective macro policies, expand domestic demand, promote integrated advancements in technological and industrial innovation, stabilize market expectations and boost internal vitality, so as to ensure a continued economic recovery and development.
That's all for my introduction.
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