China’s Economy Slowed Last Quarter as Weak Consumer Demand Dragged on Growth

Quick Summary:

The second quarter’s 4.7 percent growth was far below the 5.3 percent pace seen in the first quarter of 2024.

Expanding consumer demand is seen as key to supporting sustained strong growth, but has proven difficult as companies shed jobs during and after the pandemic, causing many Chinese families to tighten their purse strings.

China’s economy expanded at a slower-than-forecast 4.7 percent annual rate in the last quarter, the government reported Monday, while emphasizing signs of improvement in factory output, income, and investment.

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Article Details

Author / Journalist: Elaine Kurtenbach

Category: Economy

Markets: United StatesBangladeshChinaHong KongIndiaIsraelMongoliaPakistanThailand

Topics: Economy Year China’s Growth Trade Weak Consumer Percent Government Grew Demand

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-16 @ 02:42:00 (1 days ago)

News Timezone: GMT +8:00

News Source URL: thediplomat.com

Language: English

Article Length: 1717 words

Reading Time: 10 minutes read

Sentences: 72 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Diplomat

News ID: 21634265

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