Despite the increasingly complex global environment, China has witnessed a stable rebound in its economy in the first half of the year and is expected to achieve a GDP growth of around 5.2 percent in the third quarter, experts said on Wednesday.
Their remarks came after the research institute of the Bank of China released the Economic and Financial Outlook (2024Q3) on the same day.
Li Peijia, a senior analyst at BOC, said China has injected fresh impetus into economic growth in the first half of the year by implementing more proactive fiscal policies and accelerating the development of new quality productive forces.
Li said the country's foreign trade has grown significantly, especially when it comes to the electromechanical products. Although the exports to the U.S. have declined, the growth in exports to other emerging economies – such as Mexico and Vietnam – has made up for it.
Besides, China has further reduced its dependence on the real estate sector, which has also contributed to the 5.1-percent GDP growth in the second quarter.
Liang Jing, a senior analyst at BOC, said the Chinese economy is likely to continue the recovery trend and grow further in the third quarter.
Liang said China should carry out a new round of reform in both fiscal and tax systems, as well as issue more effective policies to mitigate risks and improve services in the financial sector.
Liang also said China should step up efforts to increase investment in infrastructure, further promote foreign trade and boost domestic consumption.
In addition, Li said China currently endures serious challenges in housing inventory destocking, with the investment in real estate development falling 10.1 percent year-on-year from January to May.
Li said the recent deep adjustments will drive the healthy and sustainable development of real estate in the long run, but further efforts are still needed to enhance public confidence in the market.
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