China’s economy 2024
The National Bureau of Statistics (NBS) has recently revealed numbers indicating that China’s GDP has experienced year-on-year growth of 5% during the first half of 2024. The first half of the year saw a total GDP of over 61.68 trillion yuan (equivalent to approximately $8.65 trillion USD).
The GDP had a year-on-year growth of 4.7% specifically in the second quarter indicating a steady and progressing national economy. The rise has been ascribed to successful policy incentives a recovery in external demand and the introduction of new, high-quality productive forces.
Key economic indices. In June China’s value-added industrial output experienced a year-on-year growth of 5.3%, and from January to June, it increased by 6%. In the first half of the year.
China’s international commerce volume set a record high with a 6.1% year-on-year growth totaling 21.17 trillion yuan ($2.97 trillion USD). The rate of increase in exports increased by 6.9%, exceeding predictions.
Service consumption has contributed to a rise in consumer spending. Chinese consumers are allocating a greater portion of their budget into restaurants, live concerts, and travel, resulting in a notable 13% growth in the country’s commercial performance box office revenue.
Investment demonstrates strong activity despite difficulties in the real estate sector.
The project investment activity index experienced a significant increase of 32.1% during the April-June quarter indicating a robust momentum in investment. Investor interest has been notably drawn to high-tech businesses which experienced a significant 11.5% year-on-year rise in investment from January to May.
The policy measures implemented by China are crucial in ensuring economic stability. The government has enacted several measures to enhance market demand including the expansion of visa-free travel rules, relaxation of car purchase limitations, and promotion of the use of innovative AI-powered products.
Various fiscal measures such as the issuing of very lengthy special treasury bonds and the use of monetary tools like interest rate changes have been implemented to provide support to the actual economy.
China’s policy efforts are directed on maintaining growth, despite the difficulties posed by a complicated foreign environment and domestic demand challenges.
Premier Li Qiang stressed the importance of implementing macroeconomic policies effectively and improving policy execution to foster stable and robust economic growth.
Knightsbridge Group is strategically positioned as an optimal entry point for accessing the Chinese market. Our strategic insights and complete financial solutions enable us to assist you in navigating and leveraging the numerous opportunities offered by China’s dynamic economy.
Shayne Heffernan
