The Chinese mainland's economy has shown robust growth in the first half of 2024, with the GDP increasing by five percent compared to the previous year. This growth instills confidence among businesses and investors looking to explore opportunities within the Chinese mainland. According to the latest data released by the National Bureau of Statistics (NBS) on July 15, the annual GDP growth rate stood at 5.3 percent in the first quarter and 4.7 percent in the second quarter. Additionally, the quarterly GDP growth rate for the second quarter was reported at 0.7 percent.
Jiahe Chen, chief investment officer at Novem Arcae Technologies, expressed optimism about the five-percent growth rate. \"Not only did it meet the government's target set at the beginning of the year, but achieving this rate amidst a sluggish real estate market also indicates that the potential growth could surpass five percent once the temporary negative impacts are mitigated,\" Chen remarked.
Despite the overall economic growth, the real estate sector faced challenges. In the first half of 2024, total investment in real estate amounted to 5.25 trillion yuan ($723 billion), marking a 10.1 percent decrease compared to the same period last year. Investment in residential real estate fell by 10.4 percent to 3.99 trillion yuan. Furthermore, the total floor space of residential real estate sold declined by 21.9 percent, and sales of newly built residential properties decreased by 26.9 percent during the first half of the year.
Reference(s):
Solid growth of China's economy provides good market for investors
cgtn.com
