China economy: data I 4th 2024

chiny24.com 1 year ago

We collected data on the Chinese economy in the first 4th of this year. It is worth looking at them from the position of reports of "China falling", that is, through the prism of reports from our mainstream media (and not only).

Let us start with the pace of growth of the economy measured by the growth of gross home product, or GDP.

According to the Chinese statistical office, China's GDP in the first 4th of this year increased by 5.3% compared to the same period last year. Western experts expected the Chinese economy to increase within 4.2~4.6% during this period.

In 2023, China's GDP increased by 5.2% compared to 2022.

Other major indicators:

Data: National Statistical Office (NBS, chin. 国家统计局)

The 4 main macro indicators, namely growth, employment, inflation and balance of payments, remained stable. The rate of increase in investments in fixed assets increased by 1.5% compared to the full erstwhile year. Retail sales of goods and services increased by 4.7% and 10% respectively, and the growth rate of abroad trade remained at +5% y/y (calculated in RMB). The per capita disposable income increased by 6.2% y/y.

It was not without (and expected) problems. The biggest pain is inactive the crisis situation in the real property sector. It could take time to heal this sector. It's a slow process. The comparatively low consumption/sale is worrying. Deflation is inactive dangerous. The mill prices have been negative for over a year. Unemployment is inactive above 5%, which besides requires the attention of policy makers.

However, the overall foundations of the economy are solid, so it is possible to address these problems through the action of the authorities and through financial instruments. How long will the government be able to revive the Chinese economy? We'll see in 3 months. Meanwhile, as usual, any opinions about the imminent collapse of China's economy are greatly exaggerated.

An example of specified opinions can be found in “Business Pulses“it would seem – a serious business magazine.

“Economics believe China's economical growth has fallen to 4.6% in the first 4th and has been the lowest in the year reported by Reuters”. Of course, the Chinese give false data, after all, according to Western opinion, China's economy slows down, it will halt in a moment, and then it will fall and fall in ruins...

It's been like this for decades. But why is the Chinese economy inactive developing, even though it should be rolling? I don't think that matters much. What matters is the cliqueness of the materials, not their real value.

Times like this.

More: stats.gov.cn/sj/zxfb/202404/t20240416_1954591.html;