China's gross domestic product expanded by 5 percent in 2024 - meeting the country's preset annual growth target of around 5 percent, fueled by a slew of policy measures taking effect gradually last year, official data showed on Friday.

The country's annual GDP came in at 134.9 trillion yuan ($18.4 trillion) in 2024, according to the National Bureau of Statistics. For the fourth quarter of 2024, the Chinese economy grew 5.4 percent year-on-year, following a 4.6 percent growth in the third quarter.

China's value-added industrial output grew by 5.8 percent year-on-year in 2024. The figure rose by 6.2 percent in December following a 5.4 percent growth in November. 

Retail sales, a key measurement of consumer spending, grew by 3.5 percent for the year, while retail sales in December increased by 3.7 percent versus the 3 percent growth recorded a month earlier. 

Fixed-asset investment - a gauge of expenditures on items including infrastructure, property, machinery and equipment – rose by 3.2 percent in 2024, while in the first 11 months, it grew by 3.3 percent. 

The surveyed urban jobless rate came in at 5.1 percent in December versus 5 percent in November, according to the NBS. 

NBS data showed over the past five years, China's contribution to global economic growth has averaged around 30 percent, making it the largest driver of growth for the world economy.

Looking ahead, Zhang Ming, deputy director of the Institute of Finance and Banking, which is part of the Chinese Academy of Social Sciences, said China's annual GDP growth rate is likely to reach 4.7 percent to 5 percent in 2025 if the government takes expansionary moves in macroeconomic adjustments.