China's economy ended 2024 on better footing than expected, growing 5.4 percent in the fourth quarter from a year earlier, to put the full-year GDP growth at 5 percent.

Boosted by a flurry of stimulus measures, the economy grew at the quickest pace since the second quarter of 2023 in the final quarter of 2024, to help authorities meet their annual growth target of around 5 percent.

“The national economy was generally stable with steady progress and new achievements were made in high-quality development,” a report by the National Bureau of Statistics (NBS) said.

“Particularly, with a package of incremental policies being timely rolled out, the social confidence was effectively bolstered and the economy recovered remarkably,” it added.

Manufacturing was a strong engine for growth last year, with industrial output jumping 5.8 percent from a year earlier.

Total retail sales of consumer goods grew 3.5 percent at an annual rate.

Exports expanded 7.1 percent in annual terms, while imports grew 2.3 percent.

Retail sales, a key gauge of consumer sentiment, were up 3.5 percent. Industrial output rose by 5.8 percent. (Agencies)