China's economy grows at a 4.6% rate in the last quarter, falls short of the official 5% target
China has reported that its economy expanded at a rate of 4.6% in the July-September quarter
HONG KONG (AP) — China's economy expanded at an annual rate of 4.6% in the July-September quarter, the government said Friday, in the latest evidence that recent efforts to rev up growth have yet to take hold.
The world’s second largest economy slowed from 4.7% annual growth in the previous quarter and falling short of the official target of “about 5%” growth for 2024, a figure that some analysts consider ambitious without more aggressive measures to spur consumer demand and spur a recovery in the ailing property sector.
In a statement, the National Bureau of Statistics said that the economy was “generally stable with steady progress” even in the face of a “complicated and severe external environment” and complicated domestic economic development.
The economy has remained sluggish despite the lifting of COVID-19 restrictions at the end of 2022. Consumer confidence is low and the real estate market remains a drag on the economy.
