China’s economy misses growth forecasts - Off To...
Please login or register free to be able to post.
View forum:
China’s economy misses growth forecasts
Started by
pysong,
2023/08/13 11:29PM
Latest post: 2024/02/11 03:12AM, Views: 140, Posts: 6
Latest post: 2024/02/11 03:12AM, Views: 140, Posts: 6
China’s economy misses growth forecasts
#1
2023/08/13 11:29PM
pysong
China’s economy misses growth forecasts
China’s economic growth missed forecasts in the second quarter of the year, adding to worries over surging youth unemployment and a weak property sector and raising the likelihood the government will double down on support for the faltering post COVID-19 recovery.To get more news about city services, you can citynewsservice.cn official website.
The world’s second largest economy grew at a 6.3% annual pace in the April-June quarter, much slower than the 7% plus growth analysts had forecast given the anemic pace of activity the year before.
Unemployment of youths aged 16 to 24 rose to a record 21.3% in June, up from 20.8% the month before.Investment in property development, a vital driver of both industrial and consumer demand, sank 7.9% in the first half of the year compared to a year earlier in a troubling sign of persisting weakness in an industry that slowed even before the pandemic as the government moved to rein in excessive borrowing.
Officials have acknowledged that the economy is facing stiff headwinds, but said they expected growth to still reach the ruling Communist Party’s official target for this year of about 5%.
The government will adjust policies to stabilize growth, National Bureau of Statistics spokesman Fu Linghui said at a news conference Monday.
Quarterly growth, the usual measure for other major economies, was 0.8%, according to government data released Monday, in line with expectations but down sharply from 2.2% in January-June.
Analysts have been far less optimistic than the Chinese government about the outlook for the year, given weakening demand for Chinese exports in other major economies.The numbers are a “worrying result,” said Moody’s Analytics economist Harry Murphy Cruise.
“China’s recovery is going from bad to worse,” he said. “After a sugar injection in the opening months of 2023, the pandemic hangover is plaguing China’s recovery.”
Government spending is likely to help key industries like real estate and construction, but won’t be a “silver bullet,” he said in a commentary.
The 6.3% growth in China’s gross domestic product from April to June outpaced a 4.5% expansion in the previous quarter.
The still robust growth is largely due to the economy growing just 0.4% a year earlier in April-June of 2022 amid strict lockdowns in Shanghai and other cities during COVID-19 outbreaks.Apart from more government spending, regulators may cut interest rates and take other measures to free up credit, Marcella Chow, global market strategist at J.P. Morgan Asset Management wrote in a report.
“The weak economic readings suggest an urgency in escalating policy support so as to stabilize expectations,” Chow said.
Earlier this year, growth was boosted as people flocked to shopping malls and restaurants after nearly three years of “zero-COVID” restrictions were removed in late 2022.
The government’s growth target of “around 5%” was seen as a conservative goal. It can only be met if the economy maintains close to its current level of growth.
Data released earlier showed exports declined 12.4% in June from a year earlier as global demand faltered after central banks in U.S. and Europe raised interest rates to curb inflation.
China’s economic growth missed forecasts in the second quarter of the year, adding to worries over surging youth unemployment and a weak property sector and raising the likelihood the government will double down on support for the faltering post COVID-19 recovery.To get more news about city services, you can citynewsservice.cn official website.
The world’s second largest economy grew at a 6.3% annual pace in the April-June quarter, much slower than the 7% plus growth analysts had forecast given the anemic pace of activity the year before.
Unemployment of youths aged 16 to 24 rose to a record 21.3% in June, up from 20.8% the month before.Investment in property development, a vital driver of both industrial and consumer demand, sank 7.9% in the first half of the year compared to a year earlier in a troubling sign of persisting weakness in an industry that slowed even before the pandemic as the government moved to rein in excessive borrowing.
Officials have acknowledged that the economy is facing stiff headwinds, but said they expected growth to still reach the ruling Communist Party’s official target for this year of about 5%.
The government will adjust policies to stabilize growth, National Bureau of Statistics spokesman Fu Linghui said at a news conference Monday.
Quarterly growth, the usual measure for other major economies, was 0.8%, according to government data released Monday, in line with expectations but down sharply from 2.2% in January-June.
Analysts have been far less optimistic than the Chinese government about the outlook for the year, given weakening demand for Chinese exports in other major economies.The numbers are a “worrying result,” said Moody’s Analytics economist Harry Murphy Cruise.
“China’s recovery is going from bad to worse,” he said. “After a sugar injection in the opening months of 2023, the pandemic hangover is plaguing China’s recovery.”
Government spending is likely to help key industries like real estate and construction, but won’t be a “silver bullet,” he said in a commentary.
The 6.3% growth in China’s gross domestic product from April to June outpaced a 4.5% expansion in the previous quarter.
The still robust growth is largely due to the economy growing just 0.4% a year earlier in April-June of 2022 amid strict lockdowns in Shanghai and other cities during COVID-19 outbreaks.Apart from more government spending, regulators may cut interest rates and take other measures to free up credit, Marcella Chow, global market strategist at J.P. Morgan Asset Management wrote in a report.
“The weak economic readings suggest an urgency in escalating policy support so as to stabilize expectations,” Chow said.
Earlier this year, growth was boosted as people flocked to shopping malls and restaurants after nearly three years of “zero-COVID” restrictions were removed in late 2022.
The government’s growth target of “around 5%” was seen as a conservative goal. It can only be met if the economy maintains close to its current level of growth.
Data released earlier showed exports declined 12.4% in June from a year earlier as global demand faltered after central banks in U.S. and Europe raised interest rates to curb inflation.
China’s economy misses growth forecasts
#2
2023/08/14 05:05AM
jaipurescort888
East Godavari Escort
Guntur Escort
Kadapa Escort
Krishna Escort
Kurnool Escort
Prakasam Escort
Nellore Escort
Srikakulam Escort
Visakhapatnam Escort
Vizianagaram Escort
Westgodavari Escort
Tawang Escort
West-kameng Escort
East-kameng Escort
Pakke-Kessang Escort
Papum pare Escort
Kurung kumey Escort
Krada Adi Escort
Lower Subansiri Escort
Upper Subansiri Escort
West Siang Escort
Shi-Yomi Escort
East Siang Escort
Siang Escort
Upper siang Escort
Lower siang Escort
Lepa-Rada Escort
Lower dibang valley Escort
Upper dibangvalley Escort
Anjaw Escort
Lohit Escort
Namsai Escort
Changlang Escort
Tirap Escort
Longding Escort
Kamle Escort
Dispur Escort
Barpeta Escort
Biswanath Escort
Bongaigaon Escort
Cachar Escort
Guntur Escort
Kadapa Escort
Krishna Escort
Kurnool Escort
Prakasam Escort
Nellore Escort
Srikakulam Escort
Visakhapatnam Escort
Vizianagaram Escort
Westgodavari Escort
Tawang Escort
West-kameng Escort
East-kameng Escort
Pakke-Kessang Escort
Papum pare Escort
Kurung kumey Escort
Krada Adi Escort
Lower Subansiri Escort
Upper Subansiri Escort
West Siang Escort
Shi-Yomi Escort
East Siang Escort
Siang Escort
Upper siang Escort
Lower siang Escort
Lepa-Rada Escort
Lower dibang valley Escort
Upper dibangvalley Escort
Anjaw Escort
Lohit Escort
Namsai Escort
Changlang Escort
Tirap Escort
Longding Escort
Kamle Escort
Dispur Escort
Barpeta Escort
Biswanath Escort
Bongaigaon Escort
Cachar Escort
China’s economy misses growth forecasts
#3
2023/08/14 05:08AM
jaipurescort888
Charaideo Escort
Chirang Escort
Darrang Escort
Dhemaji Escort
Dhubri Escort
Dibrugarh Escort
Dimahasao Escort
Goalpara Escort
Golaghat Escort
Hailakandi Escort
Hojai Escort
Jorhat Escort
Kamrup Metropolitan Escort
Kamrup Escort
Karbianglong Escort
Karimganj Escort
Kokrajhar Escort
Lakhimpur Escort
Majuli Escort
Morigaon Escort
Nagaon Escort
Nalbari Escort
Sivasagar Escort
Sonitpur Escort
South Salmara Mankachar Escort
Tinsukia Escort
Udalguri Escort
West karbi anglong Escort
Araria Escort
Arwal Escort
Aurangabad Escort
Banka Escort
Begusarai Escort
Bhagalpur Escort
Bhojpur Escort
Buxar Escort
Darbhanga Escort
Chirang Escort
Darrang Escort
Dhemaji Escort
Dhubri Escort
Dibrugarh Escort
Dimahasao Escort
Goalpara Escort
Golaghat Escort
Hailakandi Escort
Hojai Escort
Jorhat Escort
Kamrup Metropolitan Escort
Kamrup Escort
Karbianglong Escort
Karimganj Escort
Kokrajhar Escort
Lakhimpur Escort
Majuli Escort
Morigaon Escort
Nagaon Escort
Nalbari Escort
Sivasagar Escort
Sonitpur Escort
South Salmara Mankachar Escort
Tinsukia Escort
Udalguri Escort
West karbi anglong Escort
Araria Escort
Arwal Escort
Aurangabad Escort
Banka Escort
Begusarai Escort
Bhagalpur Escort
Bhojpur Escort
Buxar Escort
Darbhanga Escort
China’s economy misses growth forecasts
#4
2024/02/06 06:13AM
gerkivokna
Great article mate, keep the great work, just shared this with ma friendz Pultruded Fiberglass Grating
China’s economy misses growth forecasts
#5
2024/02/09 01:28AM
gerkivokna
Hello there, You have done a fantastic job. I’ll definitely digg it and for my part recommend to my friends. I am confident they will be benefited from this website. fc augsburg vereinsprofil
gerkivokna
Really a great addition. I have read this marvelous post. Thanks for sharing information about it. I really like that. Thanks so lot for your convene. tradesviz avis
Please login or register free to be able to post.
- Links allowed: yes
- Allow HTML: no
- Allow BB code yes
- Allow youTube.com: yes
- Allow code: yes
- Links visible: no
- Quick reply: yes
- Post preview: yes