KPMG China released the Q4 edition of the 2024 China Economic Monitor (CEM). The report analyses the latest trends in the macro economy and policy developments.
China's GDP grew 4.8% year-over-year (YoY) in the first three quarters of 2024. GDP grew 4.6% in Q3 2024, 0.1 percentage points lower than that of Q2 2024, in line with market expectations. On a quarter-over-quarter basis, the economy grew by 0.9% in Q3, lower than the average growth rate in the past five years. The slowdown is partly caused by weak modest domestic demand, contracted production, and low industrial capacity utilisation. On the other hand, exports rose by 6.0% YoY in Q3 2024 thanks to continuous improvement in external demand.
In response to the current economic headwinds, the government has introduced a set of policy stimuli in fiscal and financial areas, to support consumption, investment, real estate, and capital markets since the end of September, aiming to stabilise housing and financial market prices. As policies are gradually taking effect, it is expected that China’s economy will meet its’ growth target in 2024.
Connect with us
- Find office locations kpmg.findOfficeLocations
- kpmg.emailUs
- Social media @ KPMG kpmg.socialMedia