HONG KONG/SHANGHAI -- China on Friday announced that its economic growth rate for 2024 was in line with the target set by a government beset by the threat of fresh U.S. tariffs, an enduring property crisis and a frugal consumer mindset that keeps pulling downward on prices.
Gross domestic product expanded 5.4% in the fourth quarter and 5% for the full year, the National Bureau of Statistics said. The reading confirmed an estimate from Chinese President Xi Jinping in his New Year's Eve speech, in which he said the economy grew "about 5%" last year.
