China’s Economy Slows in Q3 2024 Despite Policy Stimulus: Property Sector Poses Major Hurdle
China’s economic growth for the third quarter of 2024 has slowed to its lowest rate since early 2023, underscoring the challenges facing the world’s second-largest economy. Despite a stronger-than-expected rise in consumption and factory output in September, the ongoing crisis in the property sector continues to drag on growth prospects.
Since late September, Chinese authorities have introduced a series of aggressive policy measures aimed at stimulating the economy. However, the markets are still waiting for more details regarding the scope of these initiatives and a clear plan for long-term economic stability.
China’s property market, once a significant driver of growth, has been grappling with falling sales and high debt levels, creating uncertainty around investment and consumer confidence. Revitalizing this crucial sector remains a priority for Beijing as it seeks to prevent further economic stagnation.
As global economic conditions remain volatile, the effectiveness of these new policy measures will be closely monitored. With investors calling for a well-defined strategy, the coming months will be decisive for China’s efforts to restore sustainable growth.
