China's Economy Surges in Q3, Real Estate Continues to Weigh It Down
China's economy has regained momentum in the third quarter, with GDP expanding by 4.9% from a year ago, surpassing analysts' estimates and putting Beijing's annual growth target within reach. Consumer spending has emerged as a bright spot, but the real estate sector remains a drag, with property investment dropping 9.1% in the first nine months of 2023. The property market's downturn poses a major threat to China's growth prospects. Beijing has implemented measures to revive growth, and positive signs in recent data suggest the economy has turned a corner. However, the World Bank downgraded its forecast for China's GDP growth in 2024 due to persistent difficulties such as elevated debt, property weakness, and an aging population.
- China's economy regains momentum. But real estate remains a drag CNN
- China's 3Q GDP Grows 4.9% Y/Y, Beating Forecasts Bloomberg Television
- China's third-quarter growth exceeds forecast, consumer spending and industrial production offer hope CNBC
- NZD/USD holds above the 0.5900 area following Chinese GDP data FXStreet
- China growth beats forecasts but headwinds remain Reuters
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