The post China’s Q3 growth slows to 4.6% as economic struggles continue appeared on BitcoinEthereumNews.com.

China’s economic performance in the third quarter of 2024 didn’t hit the targets set by the government. The country’s gross domestic product (GDP) expanded by 4.6% year-on-year, which is slightly lower than the previous quarter’s 4.7%. The ongoing struggles are rooted in weak consumer spending and a brutal property market crash that’s been hammering household sentiment. Beijing’s efforts to pump money into the economy are just not moving the needle fast enough. Sluggish recovery and investor concerns Beijing threw down its largest monetary stimulus package since the pandemic back in late September in a desperate attempt to spur growth. When it proved insufficient, they followed up with promises of major fiscal spending. Markets initially reacted with some excitement, but that also wore off quickly. Investors are cautious, waiting for more concrete details about fiscal stimulus. The CSI 300 index of stocks in Shanghai and Shenzhen, as well as Hong Kong’s Hang Seng benchmark, both saw major losses in October. They’re still up for the year, but that October drop has everyone on edge. This is happening after the housing ministry’s latest attempt to rescue the property sector left the markets disappointed. Property developers are bleeding, and the housing ministry’s support measures aren’t doing enough to turn things around. Analysts anticipate announcements at a standing committee meeting of the National People’s Congress. The fiscal spending package could be massive. Some economists are talking about 10 trillion yuan, or $1.4 trillion, in stimulus. But there are questions about whether this will work or simply worsen China’s existing issues. Ray Dalio, founder of Bridgewater, recently said, “You can throw money into the economy, but it needs to be done right. That’s the challenge.” According to him, the next few months will show whether China can successfully get through these hurdles or end up…

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Filed under: News - @ October 18, 2024 10:23 am