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China's economy exceeds official growth target - financial experts expect challenges for 2024.
According to a report from www.finanzen.net, the Chinese economy has slightly exceeded the government's official growth target by catching up at the end of the year. The world's second-largest economy grew 5.2 percent for both the full year and the fourth quarter, exceeding the government's official growth target. This was around five percent. The export-driven economy suffered primarily from weak global demand, weak domestic consumption and a crisis in the real estate market. The statistics office also said retail sales growth weakened noticeably at the end of 2023, pointing to an unexpectedly weak year-on-year increase of 7.4 percent in December. The …
China's economy exceeds official growth target - financial experts expect challenges for 2024.
According to a report by www.finanzen.net,
By catching up at the end of the year, the Chinese economy slightly exceeded the government's official growth target. The world's second-largest economy grew 5.2 percent for both the full year and the fourth quarter, exceeding the government's official growth target. This was around five percent. The export-driven economy suffered primarily from weak global demand, weak domestic consumption and a crisis in the real estate market. The statistics office also said retail sales growth weakened noticeably at the end of 2023, pointing to an unexpectedly weak year-on-year increase of 7.4 percent in December.
Industrial production, on the other hand, increased by 6.8 percent year-on-year in December, indicating a stabilization of the economy. Exports regained momentum in December, but 2023 was a difficult year for Chinese foreign trade overall. China's exports fell 4.6 percent and imports fell 5.5 percent.
According to experts, private consumption is likely to increase in 2024 due to catch-up effects, but it will not be able to fully compensate for weak investment growth. Chief economist Thomas Gitzel expects a growth rate of around 4.5 percent for 2024, which is low by Chinese standards. He emphasizes that the political leadership must continue to support the economy in order to support an economic recovery.
This economic growth and the forecasts for the coming year have various impacts on the Chinese market and the consumer. A low growth rate could lead to a lower willingness to invest and create long-term uncertainties. However, strengthened industrial production could help stabilize the economy. The slowdown in retail sales indicates possible consumer restraint, suggesting that the government may need to implement further fiscal and monetary support measures to support the economic recovery.
Read the source article at www.finanzen.net