{"id":99635,"date":"2024-10-18T08:03:18","date_gmt":"2024-10-18T08:03:18","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/index.php\/2024\/10\/18\/chinas-economic-slowdown-deepens\/"},"modified":"2024-10-18T08:03:18","modified_gmt":"2024-10-18T08:03:18","slug":"chinas-economic-slowdown-deepens","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/chinas-economic-slowdown-deepens\/","title":{"rendered":"China\u2019s economic slowdown deepens"},"content":{"rendered":"

China\u2019s economy expanded in the third quarter at the slowest pace since early last year, as the country struggles to boost flagging growth.<\/strong><\/p>\n

On an annual basis, gross domestic product (GDP) rose by 4.6% in the three months to the end of September, according to China\u2019s National Bureau of Statistics.<\/p>\n

That is less than the previous quarter and below the government\u2019s \u201caround 5%\u201d target for this year.<\/p>\n

But it was slightly better than analysts expected, while other official figures released on Friday, including retail sales and factory output, also beat forecasts.<\/p>\n

In recent weeks, Beijing has announced a number of measures aimed at supporting growth.<\/p>\n

This is the second quarter in a row that China\u2019s official measure of economic growth has fallen below the 5% target, which will add to government concerns.<\/p>\n

\u201cThe government\u2019s growth target for this year now appears in serious jeopardy,\u201d the former head of the International Monetary Fund\u2019s (IMF) China division, Eswar Prasad told BBC News.<\/p>\n

\u201cIt will take a substantial stimulus-fuelled boost to growth in the fourth quarter to hit the target.\u201d<\/p>\n

But Moody\u2019s Analytics\u2019 economist, Harry Murphy Cruise, was more optimistic. The stimulus measures are \u201clikely to propel the economy to its around 5% target for the year\u201d, he said.<\/p>\n

\u201cBut more is required if officials are to address the structural challenges in the economy.\u201d<\/p>\n

Official figures also showed new home prices fell in September at the fastest pace in almost a decade, indicating that the downturn in the property sector is worsening.<\/p>\n

\u201cThe property market unsurprisingly remains the biggest drag on China\u2019s growth,\u201d said Lynn Song, chief economist for greater China at banking giant ING.<\/p>\n

\u201cNew investment is unlikely to see a substantive recovery until prices stabilise and housing inventories decline\u2026 until then property will remain a notable headwind to growth.\u201d<\/p>\n

Earlier on Friday, China\u2019s central bank said it had held a meeting to call on banks and other financial institutions to boost lending to help support growth.<\/p>\n

Last month, the People\u2019s Bank of China (PBOC) announced the country\u2019s biggest stimulus package since the pandemic, including large cuts to interest and mortgage rates.<\/p>\n

The plans also included help for the flagging stock market and measures to encourage banks to lend more to businesses and individuals.<\/p>\n

Since then, the Ministry of Finance and other government bodies have unveiled further plans aimed at boosting economic growth.<\/p>\n

The world\u2019s second largest economy has been hit by a number of challenges, including a property crisis, as well as weak consumer and business confidence.<\/p>\n

The post China\u2019s economic slowdown deepens<\/a> first appeared on KBC<\/a>.<\/p>\n

The post China\u2019s economic slowdown deepens<\/a> appeared first on KBC<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

China\u2019s economy expanded in the third quarter at the slowest pace since early last year, as the country struggles to boost flagging growth. On an annual basis, gross domestic product (GDP) rose by 4.6% in the three months to the end of September, according to China\u2019s National Bureau of Statistics. That is less than the […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-99635","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/99635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=99635"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/99635\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=99635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=99635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=99635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}