China's Economy Meets Official Growth Target, But Many Feel Worse Off

January 17, 2025, 05.18 PM | Source: Reuters

ILUSTRASI. QINGZHOU, CHINA - JANUARY 31, 2023 - A worker carries out assembly work at a workshop of an auto manufacturer in Qingzhou, East China's Shandong province, Jan 31, 2023. Data released by the National Bureau of Statistics shows that in 2022, the industrial economy was stable on the whole, industrial production and sales continued to grow, and the operating revenue of industrial enterprises above designated size increased by 5.9 percent over the previous year. (Photo by CFOTO/Sipa USA)No Use Germany.

CHINA - BEIJING. China's economy grew 5% last year, matching the government's target, but in a lopsided fashion, with many people complaining of worsening living standards as Beijing struggles to transfer its industrial and export gains to consumers.

The imbalance raises concerns that structural problems may deepen in 2025, when China plans a similar growth performance by going deeper into debt to counter the impact of expected U.S. tariff hikes, potentially as soon as Monday when Donald Trump is inaugurated as president.

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