China's National Bureau of Statistics reports a mere 5% growth in 2024, barely meeting government targets amidst a struggling global economy. While consumer goods saw a paltry 3.5 percent increase, higher-performing sectors like hospitality cannot mask the underperformance of key luxury segments. This raises questions about the sustainability of China’s economic policies and its ability to compete on the global stage.
China's Economy Barely Scrapes 5% Growth in 2024, Despite Weakness in Key Sectors
All Versions
Jan-19
Economy
Score: 0.50
Based on data from China's National Bureau of Statistics, sales of consumer goods grew a moderate 3.5 percent, hospitality sectors continued to outperform discretionary segments such as apparel and jewelry.
From WWD
Jan-19
Economy
Left Variant
Score: 0.20
China achieves its ambitious 5% growth target in 2024, thanks to a strong performance in sustainable sectors and moderate but steady increases in consumer goods sales, which rose by 3.5 percent. The hospitality industry, a key employer in urban and rural areas, leads the growth, overshadowing luxury markets and highlighting the country's shift towards more sustainable and equitable economic practices.
From WWD