China’s economy grew much slower than expected in the second quarter dragged down by a prolonged property crisis and job insecurity despite a strong beginning to the year.<\/p>\n
It’s led to expectations that Beijing may need to unleash even more stimulus.<\/p>\n
Official data showed the world’s second-largest economy grew at 4.7%, the slowest since the first quarter of 2023 and missing a 5.1% forecast.<\/p>\n
The years-long property downturn deepened in June as new home prices fell at the fastest pace in nine years.<\/p>\n
Particular worry surrounds growth in retail – businesses were forced to slash prices on everything from clothes to cars under deflationary pressure.<\/p>\n
Analysts say to expect cutting debt and boosting confidence to be the main focus at this week’s Third Party Plenum, a key economic meeting that happens every five years.<\/p>\n
The government has been aiming for economic growth of 5% in 2024, a target that many think is too ambitious.<\/p>\n
To counteract weak domestic demand and property problems China has already increased infrastructure investment and is focusing on high-tech manufacturing.<\/p>\n
Though now, analysts at Citi, polled by Reuters say they expect further measures to support property are coming after a meeting of the Politburo later this month.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Official data showed the world’s second-largest economy grew at 4.7%.<\/p>\n","protected":false},"author":58,"featured_media":965781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[78],"tags":[],"class_list":["post-965780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/elections.sabc.co.za\/elections2024\/wp-json\/wp\/v2\/posts\/965780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elections.sabc.co.za\/elections2024\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/elections.sabc.co.za\/elections2024\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/elections.sabc.co.za\/elections2024\/wp-json\/wp\/v2\/users\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/elections.sabc.co.za\/elections2024\/wp-json\/wp\/v2\/comments?post=965780"}],"version-history":[{"count":0,"href":"https:\/\/elections.sabc.co.za\/elections2024\/wp-json\/wp\/v2\/posts\/965780\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/elections.sabc.co.za\/elections2024\/wp-json\/wp\/v2\/media\/965781"}],"wp:attachment":[{"href":"https:\/\/elections.sabc.co.za\/elections2024\/wp-json\/wp\/v2\/media?parent=965780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elections.sabc.co.za\/elections2024\/wp-json\/wp\/v2\/categories?post=965780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elections.sabc.co.za\/elections2024\/wp-json\/wp\/v2\/tags?post=965780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}