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  5. China's Economic Growth Slows Amid Key Communist Party Meeting

China's Economic Growth Slows Amid Key Communist Party Meeting

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China's economy experienced slower-than-expected growth in the second quarter, with official statistics showing a 4.7% increase from April to June. This is down from the 5.3% growth rate in the previous quarter and below the predicted 5.1% rate by economists. The property sector continued to decline, with new commercial building sales dropping 25% in the first half of 2024. President Xi Jinping announced that the Communist Party was planning "major" reforms, but no details were provided. The party's four-day meeting, known as the Third Plenum, is set to begin on Monday and will likely outline a strategy for self-sufficient economic growth. Business owners and investors are waiting to see if the party will announce any immediate measures to address the prolonged real estate downturn.

  1. CN
    National Bureau of Statistics of China
    1. Domestic effective demand remains insufficient and the foundation for sound economic recovery and growth still needs to be strengthened.
  2. AU
    Harry Murphy Cruise
    1. While the case for reform is high, it's unlikely to be a particularly exciting affair.
    2. Instead, we expect a modest policy tweak that expands high-tech manufacturing and delivers a sprinkling of support to housing and households.
    3. Turning these [economic] trends around should be front and centre of this week's third plenum.
  3. SG
    Bert Hofman
    East Asian Institute
    1. This is a point in time where China needs to show its cards.

China's Economy

  1. Chinese economy grows 5.4%, beating quarterly forecasts
  2. China sets GDP growth target of 5% for 2025 amid global economic uncertainty
  3. Chinese economy grows faster than expected in first quarter

sources

  1. 1.France 24
  2. 2.DW News
  3. 3.The Guardian
  4. 4.Agence France-Presse
  5. 5.Bloomberg News
  6. 6.People's Daily China
  7. 7.Xinhua News Agency

perspectives

  1. 1.US-China Relations
  2. 2.China under Xi Jinping
  3. 3.Trade Agreement
  4. 4.Chinese Economy
  5. 5.Real estate
  6. 6.Demography
  7. 7.Chinese Retirement Reform

countries

  1. 1.CanadaCA
  2. 2.ChinaCN
  3. 3.GermanyDE
  4. 4.United StatesUS

organizations

  1. 1.Central Committee
  2. 2.Communist Party
  3. 3.Alibaba Group Holding Ltd
  4. 4.Chinese Communist PartyCN
  5. 5.European Union
  6. 6.Macquarie Group
  7. 7.Mercator Institute for China Studies
  8. 8.Moody'sUS
  9. 9.National Accountability Bureau
  10. 10.National Bureau of Statistics of ChinaCN
  11. 11.National University of Singapore
  12. 12.NomuraJP

persons

  1. 1.Xi JinpingCN
  2. 2.Deng Xiaoping
  3. 3.Harry Murphy CruiseAU
  4. 4.Alexander Davey
  5. 5.Bert HofmanSG
  6. 6.Donald TrumpUS
  7. 7.Gerard Burg
  8. 8.Larry HuAU
  9. 9.Sarah Tan
  10. 10.Ting Lu
  11. 11.Yifan HuCN

technicals

  1. 1.Omicron
  2. 2.Third Plenum