BEIJING – China’s bid to hit a growth target of around 5 per cent in 2024 is off to an uneven start, with a strong rebound in factory output and investment but a slowdown in consumption growth in January and February.
“The key issues on my mind are when the property cycle will stabilise, and how quickly the fiscal spending will pick up,” he added. The figure, which grew on the back of stronger export demand, was higher than the 6.8 per cent expansion recorded in December 2023, marking the highest rate of increase in almost two years.
The jobless rate crept up 0.1 percentage points to 5.3 per cent in February, though it is 0.3 percentage points lower than the rate recorded in the same month in 2023. “ policymakers will watch the property market very closely, as it’s not only the biggest drag on the Chinese economy, but also the biggest source of financial risk,” they said.