China Rolls Out Stimulus Measures as Quarterly Growth Data Hits New Low
By Allison Lapehn and Rachel Farmer
October 23rd, 2024
China's third quarter GDP growth declined to 4.6 percent, accompanied by deflationary pressures and a sluggish property market, which continues to dampen consumer confidence.
While new stimulus initiatives have been positively received by the market, analysts remain cautious about their impact on consumer confidence and overall economic revitalization.
A recovery plan with an increased focus on targeted measures and macroeconomic support policies is anticipated.
Data released by the National Bureau of Statistics on October 18 reveals that China’s GDP grew by 4.6 percent in the third quarter of the year, the slowest pace since early 2023. While the figure beat expectations, the slowing trajectory suggests that the unprecedented growth China has enjoyed over the past few decades will be a thing of the past unless it implements more aggressive countercyclical measures.
Persistent deflationary pressures were also evident as both the consumer price index (CPI) and producer price index (PPI) failed to recover. While retail sales saw a modest increase, the property market remains sluggish, reflecting low confidence.
This economic data follows recent government announcements of stimulus measures aimed at supporting the economy.
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