1、China EconomicMonitorIssue:2025 Q1February 2025 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of i

2、ndependent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2Key takeawaysChinas real GDP growth rate reached 5%in 2024,which is below the 5.2%in 2023 but meets Beijings“around 5.0%”growth target.GDP grew 5.4%in Q4 2024,0.8 pe

3、rcentage points higher than that of Q3 2024,beating the markets expectations and making a decisive contribution to the successful achievement of annual growth target.The policy stimuli introduced last September led to a rebound of consumption and investment in Q4.Meanwhile,Chinas exports stayed stro

4、ng due to the front-loading of exports ahead of US president Trumps inauguration.As the trade-in programme is being expanded and front-loading is ongoing,some related indicators may still perform well in Q1 2025.With the issuance of ultra-long special treasury bonds to support the implementation of

5、trade-in policies for consumer goods in Q4,consumption picked up momentum,growing from 2.7%in Q3 to 3.8%.In 2024,trade-in policies collectively boosted related goods sales by more than RMB 1.3 trillion,raising the total retail sales growth rate by 1 percentage point.Fiscal funds leveraged consumptio

6、n with a multiplier effect of around 2.1 times.The manufacturing investment growth rate increased slightly to 9.2%in Q4 from 8.8%in Q3,driven by both domestic and external demand recovery.Sectors with strong export demand boosted investment growth by 1.9 percentage points.Meanwhile,sectors driven by