🇨🇳China Hits 5% GDP Target But Trump Tariffs Threaten Further GrowthBloomberg reports that economy jumps in final quarter on policy pivot, strong exports. Donald Trump’s return may hurt trade and a key growth driver.📊 With the
stimulus bump in the last quarter,
annual consumption
growth languished
below pre-pandemic levels, property investment
contracted by the most on record and
deflation persisted for a second straight year. Once adjusted for falling prices, nominal
GDP expanded only
4.2% in
2024, the
slowest since the economy opened up in the late
1970s barring the pandemic slump.
📊Chinese leaders planned to
raise the
budget deficit to
4% of GDP and
triple sales of
special treasury bonds.
China is set to announce its
growth goal for
2025 at an annual parliamentary session in
March, which is likely to be
similar if not identical to last year’s based on provincial goals already announced. But to achieve
5%
growth may be
tougher this year.
📉Officials are also
allowing special local bonds to be used by city governments to acquire
unsold homes and
buy back unused land, in moves aimed at
easing the cash crunch faced by developers and
boosting land prices by reducing supply. However,
progress has been
slow in the initiative to reduce housing inventory, as well as in a government-led drive to
renovate urban villages.
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© Иқтисодий шарҳ
© Economic Review
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