China’s official data released on Monday revealed that the country’s economy grew by 4.7% in the second quarter of 2024 compared to the same period last year. This figure missed analysts’ expectations, as they had predicted a 5.1% expansion.
Despite efforts by policymakers to boost domestic demand in light of an extended property market slowdown, the growth rate fell slightly from 5.3% in the previous quarter.
The Chinese government has set a target of around 5.0% economic growth for the year 2024, a goal that many analysts consider ambitious and likely requiring additional stimulus measures. Quarter-on-quarter, the GDP increased by 0.7% in the months of April to June, lower than the expected 1.1% rise and a decline from the revised 1.5% growth in the preceding quarter.
Given the challenges of the ongoing property market downturn, rising local government debts, and subdued private-sector expenditure, analysts anticipate further policy interventions to bolster the economy in the coming months.
