China records weakest economic growth since early 2023
Kyiv • UNN
China's economic growth slowed to 4.7% in the second quarter of 2024, the slowest since early 2023, due to a sharp contraction in household spending and the ongoing downturn in the real estate market.
China's economy is losing momentum: growth at around 4.7% advises a weak performance; the situation is linked to a sharp slowdown in household spending and a continued slump in the PRC real estate market.
Writes UNN citing Asia Nikkei and DW.
Details
China's economic growth slowed in the second quarter of this year, with the statistics office in Beijing releasing data showing that China's domestic product grew by just 4.7% from April to June compared with the same period in 2023. This is the slowest growth since the first quarter of 2023.
The situation will be the subject of proceedings in the Central Committee of the Communist Party of China: the plenary session will begin today, July 15. During 4 days , closed doors, the course of economic policy for the coming years will probably be determined.
Jeroen Groenewegen-Lau of the Merics China Institute in Berlin describes the economic situation as follows: "The Third Plenum will focus on collective efforts to make China achieve its goals of technological independence and industrial modernization." According to a China expert, temporary welfare losses will be accepted. The plenary session is unlikely to provide accurate information on whether and when any gains will reach the population."
