China's economy matched the government's ambitions for 5% growth last year, 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.

China’s economy grew more than expected in the last three months of 2024, official data showed on Friday, as it awaits the likely imposition of fresh tariffs by US President-elect Donald Trump, who takes office next week.

China’s economy hit the government’s growth goal last year after an 11th hour stimulus blitz and export boom turbocharged activity, although looming US tariffs threaten to take away a key driver of expansion.

Donald Trump said he held a “very good” phone call with China’s President Xi Jinping, as the US-President elect prepares to return to the White House next week.

U.S. President-elect Donald Trump on Friday said he discussed trade, fentanyl and Tiktok with Chinese President Xi Jinping, saying their phone call "was a very good one for both China and the U.S.A." (Reporting by Doina Chiacu and Susan Heavey) Copyright 2025 Thomson Reuters.