China, the world's next largest economy, has struggled with weaker consumption and deflationary pressure since the recovery after the pandemic has progressed slower than expected. Moreover, the important real estate sector in the country has declined.
In 2023, China's economy grew by 5.2 percent, and economists predict that it will slow down in the coming years. The incoming US President Donald Trump has promised to increase American import tariffs on Chinese goods.
Beijing has rolled out a range of stimulus measures over the past year to kick-start the economy, including cutting interest rates and reducing banks' cash requirements.
The manufacturing industry was a strong engine for growth in 2024. Industrial production rose by 5.8 percent compared to the previous year. The total retail sales of consumer goods increased by 3.5 percent.
Exports increased by 7.1 percent on an annual basis, while imports increased by 2.3 percent.
