‘Deepening downturn’ in China’s property sector overshadows May spending rebound
What was the percentage drop in property investment in China during the first five months of 2024 compared to the same period in 2023?
The percentage drop in property investment in China during the first five months of 2024 compared to the same period in 2023 was 10.1%.
What are some of the external and internal challenges mentioned that are impacting China's economic recovery according to NBS spokeswoman Liu Aihua?
According to NBS spokeswoman Liu Aihua, China's economic recovery is facing both external and internal challenges. The external environment is described as "complex and severe," which likely refers to factors such as global economic uncertainty, trade tensions, and the ongoing impact of the COVID-19 pandemic on international trade and investment1. On the internal front, she mentions that "effective demands remain insufficient at home," which suggests that consumer spending and domestic market activity are not yet strong enough to drive a robust recovery. Additionally, the real estate market is still undergoing an adjustment process, with property investment falling and housing sales declining, which adds another layer of difficulty for the overall economic recovery.
How did the floor space of new homes sold and the total sales value of new homes in China change in the first five months of 2024 compared to the previous year?
In the first five months of 2024, the floor space of new homes sold in China fell by 20.3% compared to the same period of 2023. Additionally, the total sales value of new homes plunged by 27.9% year on year.