China’s economy grows at a 4.6% rate in the last quarter, falls short of the official 5% target

Independent

China’s economy grows at a 4.6% rate in the last quarter, falls short of the official target

Al Jazeera

China posts slowest growth since aftermath of ‘zero COVID’ curbs

According to new data from China's National Bureau of Statistics, released on Friday, the nation's annual gross domestic product (GDP) growth rate in the three months to September was 4.6%, the lowest since early last year.

Though this rate missed the 5% threshold for the second quarter in a row, it beat market expectations of 4.5%.

CNBC

This comes as Beijing announced a series of measures in September, including slashing interest rates and dropping mortgage rates, which resulted in a record market surge.

The Business Times

The Economic Times

Meanwhile, official figures show that new house prices dropped at a faster rate in September than they have in nearly 10 years, indicating a downturn in the housing industry.

The Ministry of Finance and other government organizations have announced new plans to boost economic growth, with the Chinese central bank convening on Friday to push banks and other financial institutions to expand lending in an effort to boost growth.

Business Insider

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China struggles to meet the government's economic objective of 5% growth. According to new data from China's National Bureau of Statistics, released on Friday, the annual GDP growth rate in the three months to September was only 4.6%, the lowest since early last year.

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China's economic growth has missed the 5% threshold for the second quarter in a row due to a housing crisis, poor consumers, and corporate confidence.

These numbers show how fragile the world's second-biggest economy was, prompting Beijing in September to take action, slashing interest rates and boosting property and stock markets, which resulted in a record market surge.

The Business Times #

The Chinese economy is facing significant structural challenges, with the housing sector being particularly problematic. Official figures show that new house prices dropped at a faster rate in September than they have in over a decade, indicating a downturn in the housing industry.

The Ministry of Finance and other government organizations have announced new plans to boost economic growth. For example, the Chinese central bank convened on Friday to push banks and other financial institutions to expand lending to boost growth.

Business Insider #

China's economy is expanding and on track to meet its 5% growth target. Despite a slower-than-expected third quarter, growth remains at 4.8% year-over-year. Beijing has taken adequate measures to boost consumer confidence. China can afford to expand at a little slower pace in Q4 than expected while still meeting its full-year growth objective.

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ING Think #

China’s 3Q GDP beat should keep growth target in striking distance

The most recent Reuters poll revealed a significantly pessimistic outlook compared to the previous July survey, which predicted 5.0% growth in 2024. The assumption currently is that China will miss its aim, falling to 4.8% and maybe cooling further by 2025. The government is under pressure to implement new stimulus programs, while consumers are hoping for deflationary actions.

Reuters

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Chinas Economy Set Grow 48 2024 Missing Target 2024 10 15

There is a 9% chance China's GDP will overtake the US before 2030, according to the Metaculus prediction community.

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Will China's GDP Overtake the US Before 2030?

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China economy slowdown deepens, official figures show

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This latest data paints a significantly pessimistic outlook compared to a July survey, which predicted 5.0% growth in 2024. The assumption currently is that China will miss its aim, falling to 4.8% in 2024 and maybe cooling further by 2025. The government is under pressure to implement new stimulus programs, while consumers are hoping for deflationary actions.

Despite a slower third quarter, China's economy still beat estimates and is on track to meet its 5% growth target. Economic growth remains at 4.8% year-over-year, and Beijing has taken adequate measures to boost consumer confidence. China can afford to expand at a slightly slower pace in the third quarter while still meeting its full-year growth objective.

China Q3 GDP Slows to 4.6%

China economyQ3 slowdownGDP deepens,Slows officialto figures show4.6%

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