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Home News Macro

China’s Economic Growth Falters

by Team Lumida
July 15, 2024
in Macro
Reading Time: 3 mins read
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Photo by Nuno Alberto on Unsplash

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Key Takeaways:

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  • China’s GDP grew 4.7% in Q2, missing the 5.1% forecast.
  • Retail sales increased only 2% in June, the slowest since 2022.
  • Property sector contraction remains a significant drag on growth.

What Happened?

China’s economic growth fell short of expectations, with GDP expanding just 4.7% in the second quarter compared to the anticipated 5.1%. Retail sales rose only 2% in June, marking the slowest pace since December 2022. Industrial production increased 5.3% year-on-year in June, slightly above the 5% forecast.

The property sector continued its decline, with investment slumping 10.1% in the first six months of the year. Despite various government efforts, consumer spending remains weak, and the country experienced its fifth period of deflation in the second quarter.

Why It Matters?

These disappointing figures add pressure on President Xi Jinping’s administration to implement more robust policy measures to stimulate the economy. The slow growth and weak consumer confidence suggest that existing strategies, including subsidies for vehicle and home appliance replacements, have been insufficient.

Economists like Xiaojia Zhi from Credit Agricole CIB emphasize the need for greater policy support to meet the annual growth target of around 5%. The ongoing property sector slump, which accounts for about 70% of household wealth, further complicates the economic landscape.

What’s Next?

Investors should watch the upcoming Third Plenum meeting closely, where major economic and political policies will be set. This meeting could reveal new strategies to address the property downturn, boost technology self-sufficiency, and alleviate local fiscal strains. The People’s Bank of China’s decision to hold its benchmark rate steady indicates concerns about capital flight and the need to defend the yuan.

Going forward, strengthening measures to increase residents’ income and boosting domestic demand will be crucial to stabilize the economy. As former President Donald Trump threatens more trade curbs if reelected, China faces external pressures that could further impact its growth trajectory.

Source: Bloomberg
Tags: China GDPeconomic growthproperty sectorretail sales
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018