In Q2 2024, China GDP growth was reported at 4.7%, below the anticipated 5.1%. The National Bureau of Statistics noted a decrease from the previous quarter’s 5.3% growth, signaling emerging economic challenges. Despite the overall slowdown, the industrial sector showed strength with a 5.3% increase, which was higher than expected.
Consumer spending remained subdued, with June retail sales increasing by only 2% compared to the expected 3.3%. This cautious spending behavior starkly contrasts with the industrial sector’s robust performance. Urban fixed asset investment matched forecasts, growing by 3.9%, though growth rates varied significantly across different sectors.
Exports significantly outperformed expectations, rising by 8.6%, but a 2.3% drop in imports pointed to weaker internal demand. The economic data also highlighted mild increases in consumer prices and a slight reduction in core CPI growth, reflecting subdued inflationary pressures. Financial indicators like new yuan loans and broad money supply growth suggest that lenders and borrowers are still cautious.
Looking ahead, the economic path for China seems cautiously optimistic. Analysts emphasize the need for policy adjustments to stimulate demand and boost consumer confidence, which are crucial for sustainable China GDP growth in the coming quarters.
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