China’s gross domestic product (GDP) grew at 5 percent in 2024, hitting the government’s full-year target, according to official data released on Friday.

China’s gross domestic product (GDP) hit a new high at 134.9084 trillion yuan (about 18.77 trillion U.S. dollars) last year, the National Bureau of Statistics (NBS) said.

The economy grew 5.4 percent year on year in the fourth quarter of 2024, still beating the 4.6 percent increase of the previous quarter, the N.B.S. said.

As external pressures mount, and domestic challenges arise, China has succeeded in effectively meeting its key goals for 2024, said Kang Yi, head of the NBS. He said those accomplishments were “hard-won.”

On a quarterly basis, China’s G.D.P. rose 1.6 percent in October-December 2024, the pace quickening from a 0.9 percent gain in the third quarter.

This was broader based even considering pockets of domestic and global challenges with modest consumer spending growth, operational challenges impacting some enterprises and sector specific headwinds. China also struggled with geopolitical friction and increasing protectionism.

In response, the country introduced a series of targeted policies, helping to improve confidence and economic growth. Kang said China is striving to ensure a sustained recovery of its economy.

We are dealing with a new China now, and the sooner we grasp this, the better we will compete.