Annual retail sales growth in China slowed to 2%, weakest in 18 months, reflecting low consumer confidence and negative wealth effects from falling property prices.
Risks to China's economic growth persist due to subdued consumer demand, with the government's 2024 growth target of 5% seen as challenging without stimulus measures like tax cuts and spending increases.
China has reacted to soft domestic demand by boosting infrastructure investments and funding hi-tech manufacturing amidst the property crisis, aiming to support economic growth.
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