河南研究：经济数据跟踪（2024年度）

Economic Overview - In 2024, China's GDP reached 13,490,840 million yuan, growing by 5.0% year-on-year, achieving the economic growth target supported by a series of policies[6] - The contribution of the secondary industry to GDP growth increased, with industrial added value growing by 5.8% and retail sales of consumer goods increasing by 3.5%[6][9] - The overall economic development theme for 2024 was characterized by "strong supply but weak demand," indicating insufficient effective demand as a key constraint on growth[35] Henan Province Economic Performance - Henan's GDP for 2024 was 63,589.99 million yuan, with a year-on-year growth of 5.1%, surpassing the national average[6][37] - The industrial added value in Henan increased by 8.1%, with significant contributions from manufacturing and key industrial chains[38][49] - Retail sales in Henan grew by 6.1%, driven by essential goods and new policy-related consumption[43] Investment and Trade - National fixed asset investment (excluding rural households) was 514,374 million yuan, growing by 3.2%, with manufacturing investment showing strong support at 9.2%[23][26] - Henan's foreign trade totalled 820.17 billion yuan, with a year-on-year increase of 1.2%, highlighting a recovery in trade activities[47][32] Risks and Challenges - Key risks include slower-than-expected policy implementation, insufficient recovery in domestic demand, and escalating trade tensions[4][55] - The real estate market in Henan faced challenges, with development investment declining by 10.6% and new construction areas also decreasing[30][49]