GDP growth in mainland China is seen at 4.7% in 2024: S&P

The GDP growth in mainland China is seen at 4.7 per cent in 2024, down from an expected 5.4 per cent in 2023, as per the S&P Global Market intelligence. According to S&P Market Intelligence, mainland China's economy will be supported by more accommodative policy, a gradual improvement of private-sector confidence, and an expected bottoming out of the housing market downturn. We forecast annual real GDP growth in mainland China of 4.7 per cent in 2024, down from an expected 5.4 per cent in 2023. 

On the other hand, the International Monetary Fund (IMF) expects the Chinese economy to finish the year at 5.4 percent growth, economists predict a slowdown in 2024 and beyond amid structural problems such as record levels of debt and a low birth rate.

On the inflation front, China got relief from inflation in July, when the nation entered into the disinflationary phase  and the prices started declining. Prices in November fell 0.5 per cent year on year, registering a sharpest drop in three years. 

China posted a foreign investment deficit of $11.8 billion in the three months to September – the first time foreign businesses pulled more money out of the country than they put in since records began.