China’s economy has shown robust growth in the first half of 2024, with a GDP increase of 5% compared to the same period last year, according to data released by the National Bureau of Statistics (NBS) on July 15. This growth aligns with the government’s target set earlier this year and boosts confidence among businesses and investors exploring opportunities in China.
The annual GDP growth rate stood at 5.3% in the first quarter and 4.7% in the second quarter. The second quarter’s GDP also grew by 0.7% compared to the previous quarter. Despite challenges in the real estate sector, the economy maintained solid growth, indicating strong potential in other industries.
In the first half of 2024, real estate investment totaled 5.25 trillion yuan ($723 billion), a decrease of 10.1% compared to the same period in 2023. Investment in residential real estate declined by 10.4%, amounting to 3.99 trillion yuan. Additionally, the total floor space of residential properties sold decreased by 21.9%, and sales of newly built residential properties dropped by 26.9%.
The resilience of China’s economy amidst a sluggish real estate market suggests that the potential growth rate could be even higher when excluding the temporary negative impact of the property sector. This solid performance provides a positive outlook for investors and underscores China’s dynamic role in the global economic landscape.
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Solid growth of China's economy provides good market for investors
cgtn.com
