China's 2024 economic growth expected to reach about 5 pct: official

The current economic performance indicates that China's GDP is expected to grow by around five percent this year, reinforcing its role as a key engine of global economic growth, said an official of the Office of the Central Committee for Financial and Economic Affairs.

The comments came after the annual, tone-setting Central Economic Work Conference, which was held in Beijing from Dec 11 to 12, where the key economic tasks for 2025 were laid out.

The new quality productive forces have developed steadily, with significant advancements in scientific and technological innovation, particularly in areas such as integrated circuits, artificial intelligence, and quantum technology. The intelligent and digital transformation of traditional industries has progressed continuously, while the pace of green and low-carbon transformation has notably accelerated, the official said.

Reform and opening-up efforts have continued to deepen, with major initiatives such as raising the retirement age and establishing a unified national market advancing at an accelerated pace. The high-quality development of the Belt and Road Initiative has been steadily promoted, yielding positive outcomes in terms of high-level opening-up.

Risks in key areas have been mitigated in an orderly and effective manner. A series of measures have been implemented to stabilize the real estate market, resulting in consecutive year-on-year and month-on-month increases in commercial housing sales in October and November. Efforts to address local government debt have been proactive, while risks in small and medium-sized local financial institutions have been steadily alleviated through reforms. The country has made solid efforts to ensure people's wellbeing, with stable employment and the sustained consolidation of poverty alleviation achievements.

China's 2024 economic growth expected to reach about 5 pct: official

China's foreign exchange market remained stable in November, with foreign-related economic activity continuously active, according to the State Administration of Foreign Exchange (SAFE) on Monday.

China's commercial banks saw a forex settlement surplus of 3.5 billion U.S. dollars in November. Forex purchases by banks reached 204.4 billion U.S. dollars, while sales stood at 200.9 billion U.S. dollars, SAFE data showed.

In November, China's banks processed 593.2 billion U.S. dollars in foreign-related income and 612.7 billion U.S. dollars in overseas payments, according to the administration.

Additionally, in November, foreign-related transactions by non-bank sectors, such as businesses and individuals, totaled over 1.2 trillion U.S. dollars, up 7.5 percent year on year and 1.7 percent month on month. There was also a surplus of 19.2 billion U.S. dollars in cross-border foreign currency flows, the SAFE said.

Since August, net capital inflows from goods trade remained at a high level. In terms of foreign direct investment, China has seen net inflows rise for three consecutive months, helping to support the stability of its forex market, according to the administration.

China's forex market stable in November