China’s economy grew at a rate of 4.6% in the last quarter, falling short of the official 5% target, according to reports from the government on Friday.
This latest data indicates a slower growth rate compared to the 4.7% expansion seen in the previous quarter. It also failed to meet the official target of around 5% growth for 2024, a goal considered ambitious by analysts without more aggressive measures to stimulate consumer demand and revive the struggling property sector.
Despite the lifting of COVID-19 restrictions at the end of 2022, the Chinese economy remains sluggish. Low consumer confidence and the persisting challenges in the real estate market continue to weigh it down.
In an effort to boost the economy, Chinese policymakers have recently introduced a series of measures. These include lowering mortgage rates for existing homes and allowing banks to increase lending by reducing reserve requirements. However, Beijing has refrained from announcing major new stimulus plans that many analysts and investors believe are necessary to provide a substantial boost to the economy.