Flagging enthusiasm

Low growth in China raises concern

- 

Economic growth in China has slowed to the lowest level in six quarters, according to the data reported last week by the National Bureau of Statistics. Between July and September, the economy grew only 4.6 per cent year-on-year. While this is in line with, or only marginally below, most estimates, it does cast into question whether the country will achieve the 2024 annual growth target, which has been set at "around 5 per cent". Given the degree of support - or, at least, rhetorical commitment - that the leadership and Beijing have attached to this target in recent months, it will be interesting to see whether further measures to prop up growth are planned. It is worth noting that some stimulus measures have already been released over the past weeks. For one, the People's Bank of China (PBOC) cut mortgage rates, and the National Development and Reform Commission - the chief central policymaking body - advanced 100 billion yuan from the 2025 Budget to be spent this year. The co