China’s economy grows 5% in 2024

China’s economic growth has slowed since 2020, when the coronavirus pandemic, a government crackdown on the private sector and high debt levels from property developers pushed full-year growth to 2.2 percent, the weakest since 1976.

There was some delay in 2021, with a growth rate of 8.4 percent. Part of that was due to a lower 2021 base, but exports also rose as the country largely recovered from the initial wave of Covid-19 outbreaks while the rest of the world remained in lockdown.

China’s economy in 2022 increased by only 3 percent as Covid outbreaks returned to the country, highlighting the heavy costs of the government’s zero-Covid policy.

The economy increased by 5.2 percent in 2023. While it exceeded Beijing’s 5 percent target, the target was the lowest in decades and confirmed that China’s period of rapid growth has stalled.