RIA Novosti: China’s economic growth rate was lower than expected
In China, industrial production growth in August 2024 was only 4.5 percent, while according to analysts’ expectations, it should have reached 4.7 percent. The fact that the growth rate of the PRC economy turned out to be lower than expected is reported by RIA Novosti with reference to the Chinese State Statistics Service.
Investment adviser Yulia Kuznetsova explained that the Chinese government did not provide the expected types of incentives. She also drew attention to the unstable situation in the real estate market. In addition, according to her, in 2023, exports fell by 4.6 percent, and by May of the following year it reached minus 7.6 percent in annual terms.
As a result, production development will slow down. It is noted that this has not happened since 2021 during the pandemic. The consequence of this slowdown is also said to be an increase in the unemployment rate to 5.3 percent.
The volume of foreign direct investment in the Chinese economy fell by 31.5 percent from January to August. Foreign direct investment was estimated at more than 580 billion yuan (about 81.7 billion dollars). In addition, almost 37 thousand new companies with foreign participation appeared in China over eight months.
#Chinas #economic #growth #rate #assessed