The Chinese economy is once again aiming for the top. It is making significant progress with determination and a clear goal. According to Xinhua, China's GDP advanced by 5% in the first half of 2024. Official statistics show that the country's GDP reached 61.7 trillion yuan ($8.5 trillion). However, in the second quarter, the growth rate slackened to 4.7% year-on-year. In comparison, in the first quarter of 2024, the economy expanded by 5.3%.
Industrial production in China increased by 5.3%, and retail trade volume rose by 3.7% during the reporting period. The per capita disposable income of Chinese residents reached 20.7 thousand yuan ($2.9 thousand), marking a 5.4% increase.
Official estimates indicate that China's economy grew by 5.2% last year, surpassing government expectations. The GDP growth target set by the Chinese government for 2023 was 5%.
In May 2024, experts at the International Monetary Fund (IMF) raised their growth forecast for China's economy to 5% for this year. They noted, however, that there are associated risks. The IMF highlighted that the real estate sector might take longer to adjust than anticipated. Analysts are also concerned about the weak domestic demand, which needs continued stimulation.