Real estate market remains the biggest obstacle to China’s economic growth; read data
Investments in Chinese fixed assets were 18.8 billion yuan from January to May 2024, up 4% year on year, according to data from the National Statistics Department released last Monday (June 17, 2024). Here’s the complete of the report (PDF – 213 kB).
According to the document, investments in the real estate market fell in May compared to the previous month, and remain the biggest obstacle to China’s economic growth.
Industrial production increased by 5.6% compared to the previous year and 0.3% compared to April 2024, representing a slowdown in growth.
On the other hand, the services production index grew 4.8% year-on-year in May, 1.3 percentage points faster than in the previous month. The biggest increase was in the information transmission sector, software and information technology services: 12.9% year on year, 2.1 percentage points faster than in April.
The report also showed that retail sales rose more than expected, despite remaining below pre-pandemic levels. It reached 3.9 billion yuan, an increase of 3.7% year on year, 1.4 percentage points faster than the previous month. In monthly terms, the increase was 0.51%.
Read more:
#Investments #Chinese #fixed #assets #grow #expectations