In the first three quarters, the Chinese economy demonstrated steady progress with increased production, sustained recovery in demand, and generally stable employment and prices. Preliminary estimates indicate that the gross domestic product (GDP) for the first three quarters of 2024 rose by 4.8% compared to the same period last year.

Below a brief overview of some of the highlights announced in China’s 2024 Q3 statistics:

Steady Agricultural Expansion

Over the initial nine months of 2024, the value added of agriculture (crop farming) increased by 3.7% compared to the same period last year. Similarly, summer grain had another successful harvest, with a total output of 177.95 million tons, 3.46 million tons more than that of last year, an increase of 2.0 percent.

Imports and exports grew steadily

In the first three quarters, the total value of imports and exports of goods experienced an increase of 5.3% compared to 2023. The total value of exports grew by 6.2% compared to 4.1% growth for imports. Imports and exports by private enterprises grew by 9.4%, making up 55.0% of the total value, which is 2.1 percentage points higher than the same period last year.

Development of the Manufacturing Sector

The total value added by industrial enterprises grew by 5.8% in the first three quarters, compared to the same period last year. The manufacturing sector saw a 6% increase. Additionally, the value added by state-owned enterprises rose by 4.3%, and that of foreign-owned enterprises increased by 3.9%. Notable products in terms of growth in Q2 include 3D printing devices, new-energy automobiles, and integrated circuits.

Ongoing Increase in Market Sales

In the first nine months of the year, consumer goods retail sales totaled 35.4 trillion yuan, reflecting a year-on-year increase of 3.3%. During the same period, online retail sales nationwide reached 10.9 trillion yuan, representing an 8.6% year-on-year increase.

Stable Trends in Unemployment

Throughout the first three-quarters, the urban surveyed unemployment rate averaged 5.1%, showing a decline of 0.2% compared to the same period last year. The average workweek for enterprise employees was 48.8 hours. By the end of the third quarter, the number of rural migrant workers reached 190.14 million, a year-on-year increase of 1.3 percent.

Q3 2024 economic data reflected modest recovery in manufacturing and exports but persistent softness in real estate and consumption—trends pushing companies to accelerate supply chain diversification while maintaining committed investments in high-growth segments like electric vehicles and semiconductors. Strategic positioning in resilient sectors is key. MSA Asia supports your market positioning. Talk to our team about China company setup in growth sectors.