An association of German industrial engineering firms said their business remains tough in China this year due to slow orders and overcapacity in a recent survey – a phenomenon most members attributed to excess investment, rather than the government subsidies currently bei
China's economic outlook is poised to improve in the following months, buoyed by robust fiscal spending, and the country's growth target of around 5 percent for 2024 is achievable, according to a renowned economist.
Huang Yiping, dean of Peking University's National School of Development, told China Daily in an exclusive interview that the nation's economy is relatively stable, with better-than-expected indicators in the first two months.
China's economy is forecast to maintain steady growth in 2024, with an estimated GDP growth rate of around 5.3 percent, said a report released on Tuesday by the Center for Forecasting Science at the Chinese Academy of Sciences.
The report indicates that in 2024, the year-on-year growth rates for the primary, secondary and tertiary industries' output are expected to reach 4.5 percent, 4.5 percent and 6 percent, respectively.
Consumption, investment and net exports are estimated to contribute 3.7, 1.9 and -0.3 percentage points to GDP growth, respectively, said the report.
The World Bank has predicted China's economy will have grown 5.2 percent in 2023, with momentum expected to stabilize in the near term, propelled by a gradual recovery of consumer sentiment and policy stimulus.
As global growth is projected to remain tepid at 2.4 percent next year, the world's second-largest economy is expected to expand by 4.5 percent in 2024, according to the latest China Economic Update, released by the World Bank on Thursday.
China’s political leaders, under pressure to support the country’s fragile recovery, are slowly steering the economy on a new course. No longer able to rely on real estate and local debt to drive growth, they are instead investing more heavily in manufacturing and increasing borrowing by the central government.
An association of German industrial engineering firms said their business remains tough in China this year due to slow orders and overcapacity in a recent survey – a phenomenon most members attributed to excess investment, rather than the government subsidies 