China’s economy isn’t growing as fast as it did before. In the third quarter of this year, it grew by 4.9%, which is less than the 6.3% growth we saw in the previous quarter. Still, it did a bit better than what experts were guessing.
Why the slowdown? A couple of reasons. Global demand isn’t that strong, and there are problems in China’s property market. Their own people aren’t spending much either.
Now, if we talk quarter-to-quarter, not year-over-year, China’s economy grew by 1.3% in this quarter. It’s better than the 0.8% from the last one. So, a tiny bit of good news for China.
For this whole year, China aims for a 5% growth, and it looks like they’re on track. But, they can’t celebrate too soon. Experts say it is going to slow down to 4.5% next year.
China lifted COVID restrictions, and people were shopping and dining like crazy earlier this year. But that buzz didn’t last long. In simple terms, the excitement cooled off quicker than expected.
So, what’s China doing about it? They’re pumping money into things like infrastructure and making it easier to buy homes. They’ve also cut interest rates to encourage spending.
So basically, China’s economic engine is still running, but not at speed, istead it’s declinig. The relations between India and China in trade and manufacturing, are also impacted due to China’s vaillainy at borders.
Also Read: China Sends North Koreans Back, Against Human Rights & Pledge
China’s economy is facing a number of challenges, both internal and external. These challenges are causing the economy to slow. China’s economy is slowing for a number of reasons, including:
ICC Women’s T20 World Cup 2024 kicked off in Dubai with an exciting face-off between…
Salman Khan fans have something big to celebrate! Producer Sajid Nadiadwala has officially announced the…
Chennai will have a power cut on October 4, 2024, as reported by various news…
As part of the next phase in developing the company’s artificial intelligence, Google is to…
According to the news sources like Reuters, OpenAI has successfully raised $6.6 billion in new…
Mamitha Baiju is a talented actress known for her role in 'Premalu'. She is again…
This website uses cookies.
Read More