China's Economy Grows 5% in 2024

China's economy recorded a 5% growth in 2024, meeting the government's target, bolstered by a significant increase in exports that reached a record trade surplus of nearly $1 trillion. However, concerns loom as incoming US President Donald Trump has threatened to impose tariffs as high as 60% on Chinese goods, which could undermine this growth momentum. Despite the growth, domestic consumer spending remains sluggish, with retail sales up only 3.5%, down from 7.2% in 2023. Analysts predict that potential tariff impacts combined with ongoing economic challenges could lead to a slowdown in growth to around 4.4% in 2025. Additionally, China's per capita disposable income rose by 5.3% in 2024, with rural incomes experiencing a notable increase. The Chinese government is expected to implement further monetary easing and public spending initiatives to mitigate the impact of external pressures in the coming year.