Dec 18, 2023: According to state media citing officials from the Chinese Communist Party’s finance and economy office, China’s economic landscape in 2024 is expected to present more opportunities than challenges.
The recent Central Economic Work Conference highlighted the continuation of macroeconomic policies that will support the country’s economic recovery. The officials emphasized that despite persisting blockages in the domestic economic cycle, such as weak demand, consumption, and enterprise investment, the country is positioned to transition from a post-pandemic recovery phase to sustained consumption growth.
China’s economic growth has drawn attention, with the International Monetary Fund (IMF) revising its growth forecast to 5.4% for the current year, higher than the government’s target of approximately 5%. To foster growth, the country plans to nurture new consumption areas like smart homes, recreation, tourism, and sports events.
The impact of this year’s financial policies, including treasury bond issuance, interest rate cuts, tax reductions, and fee cuts, is anticipated to extend into the next year. Additionally, the government intends to vigilantly manage the real estate market and address the reasonable financing needs of real estate companies to stabilize the market.
Despite challenges, officials remain optimistic, aiming to achieve the policy objectives of real estate risk prevention and market stabilization through collective efforts.
