After China’s slow third-quarter GDP growth, is 2024’s economic target still in reach?
China just saw its slowest economic growth in more than a year, but analysts say Beijing’s stimulus plans could still right the ship
02:15
China sees slowest economic growth in over a year with 4.6% GDP in third quarter
China has reported the lowest quarterly economic growth since the middle of last year, though Beijing’s fiscal stimulus plan should help the nation achieve 2024’s annual growth target of “around 5 per cent”, according to analysts.
The world’s second-largest economy grew in the July-September period by 4.6 per cent compared with a year earlier, the National Bureau of Statistics (NBS) said on Friday.
Deputy NBS head Sheng Laiyun expressed optimism about the effectiveness of Beijing’s measures to bolster the flagging real estate market, a key dampener to China’s economic recovery.
He cited strong preliminary property sales data during the weeklong National Day holiday that ended on October 7, as well as findings in a survey last month showing improving confidence among property agents and developers, as evidence that the property market was stabilising.
“We believe that favourable conditions for economic stabilisation and recovery are increasing, and confidence in achieving the expected target of around 5 per cent is also rising,” Sheng said.
