China’s economy grows at one of its lowest rates on record
Summary
China’s economy grew by 4.3% in the second quarter of 2024, which is one of its slowest rates since the 1990s and below the government’s target. While exports increased sharply, domestic consumer spending and investment have fallen, raising concerns about the country’s economic health.Key Facts
- China’s economy expanded by 4.3% from April to June 2024, below the 4.5% to 5% government target.
- This growth rate is one of the weakest quarterly figures since official records began in the early 1990s.
- Export shipments rose 27% in June, showing China relies heavily on selling goods abroad.
- Domestic vehicle sales fell by over 16% in June, despite record car export numbers.
- Retail sales excluding cars grew only 3% in June, showing weak consumer demand inside China.
- Fixed-asset investment, including infrastructure spending, dropped over 4% from January to May.
- Local governments, previously key to economic growth, have become obstacles to development, according to a top Chinese economist.
- Economic growth for the first half of 2024 was 4.7%, within the official target range, possibly lowering pressure for major policy actions.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
