According to SCMP , on October 18, China's National Bureau of Statistics (NBS) announced that the country's gross domestic product (GDP) grew by 4.6% in the third quarter, the lowest quarterly growth rate since mid-last year.
In its statement, the NBS said that the Chinese economy is “generally stable with solid progress” even in the face of a “complex and harsh external environment,” while domestic economic developments are complicated.
A weak real estate market remains a drag on the Chinese economy. (Photo: SCMP)
China's third-quarter GDP growth figure was in line with the 4.58% forecast by economists surveyed by Chinese financial data provider Wind, and lower than the 4.7% growth recorded in the second quarter.
"Although it's only a slight decline compared to Q2 2024, it makes the official growth target of 5% difficult to achieve if the trend continues until the end of the year," said Zhang Zhiwei, Chairman and Chief Economist at Pinpoint Asset Management.
Zhang added: “This may be the main reason the Chinese government decided to change its policy stance and boost growth at the Politburo meeting. We are waiting for clearer fiscal stimulus measures. Details may have to wait until November, as the US election results could influence policy direction in Beijing.”
The Chinese economy remains sluggish despite the lifting of COVID-19-related restrictions from late 2022. Low consumer confidence and a struggling real estate market continue to drag on the world's second-largest economy.
In recent weeks, Chinese policymakers have announced a series of measures aimed at boosting the economy, including lowering mortgage interest rates on existing homes and allowing banks to lend more by reducing reserve requirements.
However, Beijing has yet to announce any significant new economic stimulus plans, which analysts and stock market investors believe are necessary to significantly boost the economy.
China's growth rate in the first three quarters of 2024 was 4.8%. On a quarterly basis, the economy grew by 0.9% in the quarter ending in September, higher than the 0.7% growth in the previous quarter.
In the first three quarters, China's factory output increased by 5.8%, while retail sales rose by 3.3% year-on-year. However, real estate investment fell by 10.1% and the value of new home sales declined by 22.7%, highlighting weakness in the property sector.
Earlier this week, China reported a sharp drop in September exports, rising only 2.4% year-on-year in dollar terms, down from an 8.7% year-on-year increase in August. Imports were also weak, rising only 0.3% and falling short of expectations.
Source: https://vtcnews.vn/gdp-trung-quoc-tang-4-6-trong-quy-3-cham-nhat-trong-hon-mot-nam-ar902494.html
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