BEIJING, Jan. 17 -- China's gross domestic product (GDP) grew 5 percent year on year in 2024, meeting the annual target of around 5 percent, official data showed Friday.

China's GDP reached a record of 134.9084 trillion yuan (about 18.77 trillion U.S. dollars) last year, data from the National Bureau of Statistics (NBS) revealed.

In the fourth quarter of 2024, the economy expanded 5.4 percent year on year, faster than the rise of 4.6 percent in the previous quarter, according to the NBS.

Despite mounting external pressure and domestic difficulties, China successfully achieved the major targets set for 2024, NBS head Kang Yi told a press conference, adding that these achievements were "hard-won."

On a quarterly basis, China's GDP grew 1.6 percent in October-December 2024 -- with the pace also accelerating from an increase of 0.9 percent in the third quarter.

The fourth quarter acceleration came despite various difficulties and challenges -- domestically, consumer spending growth remained modest, some enterprises faced operational difficulties and risks in certain sectors continued to be a concern, while globally, geopolitical conflicts and rising protectionism added to the complexities already faced by China's economy.

The country unveiled a package of incremental policies in a timely manner, which helped boost confidence and economic growth, Kang said, noting that China will continue to promote the sustained recovery of its economy.