China’s economy slow off the mark in 2024

<img width="562" height="338" src="https://www.leaprate.com/wp-content/uploads/2021/09/China-flag.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2021/09/China-flag.jpg 880w, https://www.leaprate.com/wp-content/uploads/2021/09/China-flag-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2021/09/China-flag-730×438.jpg 730w, https://www.leaprate.com/wp-content/uploads/2021/09/China-flag-230×138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2021/09/China-flag-380×228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2021/09/China-flag-88×53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2021/09/China-flag-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2021/09/China-flag-500×301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>Chow Tai’s managing director, Kent Wong, noted that consumers and investors alike are turning away from precious jewels and instead opting for gold consumption, a move that suggests little confidence in national and global financial stability.</p>
<p>Although gold purchases are increasing as diamond and gemstone sales decrease, Wong’s statement suggested that consumer confidence would return in approximately two years; this can only happen if the country avoids the looming debt deflation that has clogged spirits in the past three years.</p>
<hr />
<p><a href="https://finaffiliates.us20.list-manage.com/subscribe/post?u=e0dd4d77c259eb270712a4eeb&amp;id=fd200b8f75&amp;v_id=4291&amp;f_id=00946ce6f0" target="_blank" rel="noopener">Don’t miss out the latest news, subscribe to LeapRate’s newsletter</a></p>
<hr />
<p>According to Reuter’s analysts, China’s government will release GDP data tomorrow, with hopes that a growth of 5.2% is present in the findings. Predictions for this year’s GDP sit below the national 5% target at a slower growth of 4.6%.</p>
<p>Morgan Stanley’s chief China economist Robin Xing expressed that the firm believes <a href="https://www.leaprate.com/forex/data/movements-in-chinas-imports-and-exports-may-give-its-economy-a-much-needed-boost/" target="_blank" rel="noopener">China’s economy</a> is currently amidst its longest period of deflationary pressure since the 1997-98 Asian financial crisis – policymakers disagree.</p>
<div><img aria-describedby="caption-attachment-451852" decoding="async" class="wp-image-451852" src="https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-Chinas-economy-slow-off-the-mark-in-2024-5864197967.png" alt="" width="98" height="145" srcset="https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-Chinas-economy-slow-off-the-mark-in-2024-5864197967.png 360w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-Chinas-economy-slow-off-the-mark-in-2024-5864197967-250×371.png 250w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-Chinas-economy-slow-off-the-mark-in-2024-5864197967-120×178.png 120w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-Chinas-economy-slow-off-the-mark-in-2024-5864197967-245×363.png 245w, https://www.leaprate.com/wp-content/uploads/2024/01/FIN-LP-Chinas-economy-slow-off-the-mark-in-2024-5864197967-337×500.png 337w" sizes="(max-width: 98px) 100vw, 98px" /><p>Robin Xing Source: CF40</p></div>
<p>Xing stated:</p>
<blockquote><p>I think it’s a critical year for the Chinese economy in the sense that deflation could be entering a vicious cycle. To break that cycle, we need to have some very meaningful policy efforts.</p></blockquote>
<p>As Xing suggests, the country may see new policy implemented after the National People’s Congress meeting, scheduled for early March. After the lowest GDP target in decades, the world’s second-largest economy is in need of a swift change.</p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/data/chinas-economy-slow-off-the-mark-in-2024/">China’s economy slow off the mark in 2024</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>