China’s GDP jumps to US$18.53 trillion with 30% contribution to global economic growth.

By Lincoln G. Peters

Beijing, China, March 6, 2025/ The Government of the People’s Republic of China has assured of intensifying its modernization to the world, especially Africa.

It said that while concentrating on this ambition, it has made tremendous economic gains covering the 2024 period, with Gross Domestic Product (GDP) rising to 134.9 trillion yuan or US$18.53 trillion, amounting to 5% economic growth and 30% contribution to global economic growth.

In 2023, China’s GDP was US$17.79 trillion, the United States of America’s was US$27.72 trillion, and Japan’s was US$4.204 trillion.

Providing the government performance work report for 2024 at the Third Sessions of the 14th National People’s Congress (NPC) on Wednesday March 5, 2025 at the Great Hall in Beijing, China Li Qiang, Premier of the State Council said that over the past year, in the face of complex and challenging developments marked by mounting external pressures and growing domestic difficulties, they overcame those difficulties and continued to forge ahead under the strong leadership of the CPC Central Committee with President Xi Jinping at its core.

According to him, a review of their Work in 2024 showed a remarkable year in China’s development journey. At its third plenary session, the 20th Central Committee of the Communist Party of China (CPC) set forth plans for further deepening comprehensive reform to advance Chinese modernization.

He further indicated that they ensured overall stable performance and steady growth of the economy and accomplished the main goals and tasks for economic and social development in

2024, adding that solid headway was made in pursuing high-quality development and fostering new productive forces.

Mr. Li stated that China’s economic strength, scientific and technological capabilities, and composite national strength continued to rise, and solid new strides were made in advancing Chinese modernization.

Accordingly, he pointed out that these achievements have filled them with even greater confidence and resolve as they press forward on the new journey to build a modern socialist country in all respects in the new era.

“On behalf of the State Council, I will now report to you on the work of the government for your deliberation and also for comments from members of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC),” he noted.

” Table performance was consolidated and sustained, as demonstrated in the following areas: Steady expansion of the economy: China’s Gross Domestic Product (GDP) rose to 134.9 trillion yuan, a year-on-year increase of 5 percent. China ranks among the world’s fastest-growing major economies, continuing to contribute about 30 percent to global economic growth. Generally stable employment and prices: A total of 12.56 million urban jobs were created and surveyed, urban unemployment rates averaged 5.1percent” Mr. Li reported.

He disclosed that the consumer price index (CPI) increased by 0.2 percent, the basic equilibrium in the balance of payments with foreign trade reached a record high, and China’s global market share of exports increased steadily.

“Foreign exchange reserves surpassed 3.2 trillion US dollars. Steady progress in ensuring the people’s wellbeing: Per capita disposable income grew by 5.1 percent in real terms.

Achievements made in poverty alleviation were further consolidated and expanded, and greater support was provided for compulsory education, basic old-age insurance, basic medical insurance, and social assistance. Well-ordered and effective steps were taken to defuse risks in key areas, helping ensure overall social stability,” he lamented.

Mr. Li narrated that strong and solid progress was achieved, as shown in the area of new advancements in industrial upgrading. Grain output hit a new high of 700 million metric tons, with the yield per hectare rising by 75.75 kilograms.

He explained that the value added of high-tech manufacturing and equipment manufacturing rose by 8.9 percent and 7.7 percent, respectively, and the output of new-energy vehicles passed the 13 million mark. – Edited by Othello B. Garblah.