China’s economic growth hits 5% in Q3, its slowest pace since early 2023

Posted on October 18, 2024   |  

China's economy grew 4.6% in Q3, marking the slowest since early 2023. 

This was slightly higher than the expected 4.5% but lower than the 4.7% in Q2.

Despite better-than-expected consumption and industrial output in September, the struggling property sector remains a major hurdle for Beijing's growth efforts.

Forecasts suggest China's economy will grow 4.8% in 2024, missing targets, with further slowing to 4.5% likely in 2025.

The economy grew 0.9% in Q3 compared to 0.7% in Q2 but fell short of the 1.0% quarterly growth forecast.

China’s export and import growth slowed sharply in September, with manufacturers cutting prices to clear inventory ahead of new tariffs.

China may raise 6 trillion yuan ($842.60 billion) over three years through special treasury bonds to boost the economy with increased fiscal stimulus.