China’s Economy Slows to 4.6% Growth in Third Quarter
China’s economy experienced a slowdown in the third quarter, growing at a rate of 4.6 percent compared to the previous quarter’s 4.7 percent expansion. This marks the slowest pace of growth in a year and a half, reflecting challenges such as weak consumer demand and a struggling property market.
Despite some positive changes in key economic indicators, the National Bureau of Statistics expressed caution about the increasingly complex and challenging external environment. To address these issues, Beijing has implemented measures including lowering mortgage rates and easing lending restrictions to stimulate economic growth.
However, market analysts are skeptical about the effectiveness of these measures, emphasizing the need for more significant stimulus to achieve the government’s growth target of 5 percent for 2024. With the economy averaging 4.8 percent growth in the first three quarters, a substantial acceleration will be required in the final quarter to meet this goal.
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