China’s economy to grow by around 5.3% in 2024, Q1 growth to reach about 5% – government think tank
DATA MACRO
China’s economy to grow by around 5.3% in 2024, Q1 growth to reach about 5% – government think tank
DATA MACRO

China’s economy to grow by around 5.3% in 2024, Q1 growth to reach about 5% – government think tank

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

China’s economy is likely to expand by around 5.3% in 2024 as employment improves, people become more willing to spend and thanks to a proactive fiscal policy, according to a report issued by the Center for Forecasting Science of the Chinese Academy of Sciences, a leading government think tank.

China’s GDP growth will be about 5% in the first quarter of the year, followed by about 5.3%, 5.5% and 5.4% growth in the following three quarters, respectively, according to the report.

The country will experience restorative growth from the real economy to the services sector, said Hong Yongmiao, director of the centre.

The services sector should see the fastest expansion, while the manufacturing sector and green and emerging sectors such as new materials and new energies will also experience rapid growth, it said.

Among the key economic indicators, China’s fixed-asset investment is expected to grow by around 4.7% in 2024, retail sales to grow by 4.2% – 5.1%, industrial production. to grew by 4.9% and imports and exports to grow by about 0.7%, it estimated.

The country’s consumer price index (CPI) is expected to rise by about 0.7%, while producer price index (PPI) to drop 0.6%, it said.

The economy is expected to face some challenges this year such as sluggish global demand, but technological innovations and new products, such as new energy vehicles and their parts, will help boost China’s exports.