Total spending grew 0.9% in June.
China Economic Update – February 2024
Tougher target: China faces a more challenging outlook in 2024
China exceeded its growth target in 2023, albeit only narrowly, with growth boosted by positive base effects following the end of economically restrictive COVID-19 policies. The lack of these base effects combined with various headwinds to growth in 2024 will make an expected unchanged target much more difficult to achieve – indeed we expect China to miss this mark this year.
For further details, please see the China Economic Update (February 2024)