China’s Economic Growth in 2024 Provides Significant Boost to Global Economy, According to Economists

China’s economic growth in 2024 has provided a substantial boost to the global economy despite facing various challenges, according to Zimbabwean economists.

Recent data released by China’s National Bureau of Statistics indicated that the world’s second-largest economy expanded by 5 percent year-on-year in 2024, bringing its gross domestic product to 134.9084 trillion yuan (approximately 18.77 trillion U.S. dollars).

Zimbabwean economist Prosper Chitambara highlighted China’s strong economic performance, noting that the country remains one of the top-performing economies globally despite domestic and international challenges. He described the growth as impressive, especially in comparison to developed economies.

Chitambara attributed China’s sustained growth to its ability to establish robust economic institutions, uphold macroeconomic stability, and accumulate substantial foreign currency reserves to maintain currency stability. He observed that no country could sustain high growth rates without strong and accountable institutions, emphasizing that China’s success in this area offers valuable lessons for Africa.

According to Chitambara, the combination of strong institutions and macroeconomic stability has fostered a favorable environment for private sector investment. He pointed out that foreign direct investment (FDI) inflows have been significant, contributing to both economic growth and macroeconomic stability in the world’s second-largest economy.

Gibson Chigumira, executive director of the Zimbabwe Economic Policy Analysis and Research Unit, identified several key factors driving China’s economic growth. He noted the country’s focus on value addition, the implementation of supportive fiscal and monetary policies, and the adoption of innovative strategies to boost domestic demand while simultaneously encouraging foreign investment.

Chigumira further emphasized China’s extensive trade relations with countries across the globe, highlighting their positive impact on the global economy. He remarked that China’s role as a major trading partner to numerous nations means that its trade activities, whether through imports or exports, are crucial economic drivers, particularly for African countries.

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