China’s economy grows at a 4.6% rate in the last quarter, falls short of the official 5% target
Associated PressOCT 12 2024
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.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.
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.Though this rate missed the 5% threshold for the second quarter in a row, it beat market expectations of 4.5%.
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.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.
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