What's happened
China's economy grew by 4.6% in Q3 2024, marking its slowest growth in six quarters. Despite this, retail sales and industrial output showed signs of recovery. Analysts remain cautious about the sustainability of this growth amid ongoing challenges in the property sector.
Why it matters
What the papers say
According to the South China Morning Post, China's GDP growth of 4.6% in Q3 was largely in line with expectations but still marked a slowdown from the previous quarter. The article highlights that retail sales and industrial output showed positive signs, with retail sales rising 3.2% year-on-year. However, analysts like Betty Wang from Oxford Economics express skepticism about the sustainability of this growth, pointing to ongoing weaknesses in the property sector. Business Insider UK also notes that while the growth figure was better than some forecasts, the underlying economic challenges, including high youth unemployment and deflation, remain significant. The People's Bank of China's potential monetary easing measures are seen as crucial for supporting future growth, as highlighted by Zichun Huang from Capital Economics.
How we got here
China's economic performance is closely monitored globally, with recent stimulus measures aimed at bolstering growth. The latest GDP figures reflect ongoing challenges, particularly in the property market, which has been a significant drag on the economy.
Common question
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What does China's 4.6% GDP growth mean for the global economy?
China's recent GDP growth of 4.6% in Q3 2024 has raised eyebrows and sparked discussions about its implications for the global economy. While this figure aligns with expectations, it marks the slowest growth in six quarters. Understanding the nuances behind this number can help clarify its impact on international trade, investment, and economic stability.
More on these topics
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China, officially the People's Republic of China, is a country in East Asia. It is the world's most populous country, with a population of around 1.4 billion in 2019.
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The National Bureau of Statistics, abbreviated as NBS, is an deputy-cabinet level agency directly under the State Council of the People's Republic of China.