China, the world’s second-largest economy, grew 4.6% in the third quarter due to weak consumer demand and real estate issues.
China’s economy slowed in the third quarter, growing at its slowest pace in a year and a half, according to government statistics.
China’s National Bureau of Statistics said on Friday that the world’s second-largest economy grew 4.6% from July to September compared to the same period last year. This compares to 4.7% growth in the previous quarter.
The figures were the weakest performance since early 2023, when China emerged from very strict ‘zero COVID’ pandemic restrictions.
The National Bureau of Statistics said in a statement, “Overall, the national economy showed steady progress from the first quarter to the third quarter and was generally stable, and the effects of the policy continued to be seen, with key indicators showing recent positive changes.”
However, he said, “We must recognize that the external environment is becoming more complex and serious day by day, so the foundation for healthy recovery and growth of the economy still needs to be strengthened.”
The Chinese government has announced a series of measures in recent weeks, including lowering mortgage rates and giving banks more room to provide loans, to jolt an economy that has been battered by weakening consumer confidence and a prolonged slump in the real estate market. I did it.
But these policy moves have failed to impress investors and market analysts, who have been emphasizing the need for large-scale stimulus to boost growth.
Beijing has set a growth target of around 5% for 2024, which market analysts widely believe is unlikely to be achieved without a massive stimulus package.
China’s economy grew by an average of 4.8% in the first three quarters of the year, meaning it would need growth well above 5% in the final quarter to reach its target.
