While growth slowed in the third quarter, other economic indicators suggested a modest recovery heading into Q4 2024. These included:
- Retail sales increased by 3.2% year-on-year in September, up from 2.1% in August.
- Industrial production rose by 5.4% year-on-year, following an increase of 4.5% in August.
- The unemployment rate fell from 5.3% in August to 5.1% in September.
Focus Shifts to Fresh Fiscal Stimulus
In recent weeks, the People’s Bank of China (PBoC) and the Chinese government have rolled out various stimulus measures to bolster the Chinese economy. However, market reactions have been mixed. While the focus has been on increasing access to lending and the real estate sector, concerns about consumer appetite for borrowing and consumption linger.
Furthermore, weak overseas demand further dampens China’s growth prospects. In September, exports…
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