BEIJING – China's GDP growth rate for the second quarter of 2024 has slowed to 5.0%, down from the 5.3% recorded in the first quarter, according to the latest data released on July 15, 2024. This marks the first deceleration of the year and raises questions about the sustainability of China's economic recovery post-pandemic.
The year-over-year comparison indicates that while the second quarter's growth is still positive, it suggests a moderation in economic activity compared to the robust numbers seen at the beginning of the year. Analysts attribute the slowdown to a combination of factors, including diminished global demand, tighter domestic credit conditions, and ongoing real estate market challenges.
As international markets continue to grapple with uncertainty and China's internal policies aim for a more balanced growth model, the numbers will be closely watched in the coming months. Economists suggest that Beijing will need to consider additional stimulus measures to maintain growth momentum and achieve its annual targets.
