China's economic outlook remains positive as the country's consumer spending surged in the first quarter (Q1) of 2024, signaling a strong contribution to domestic demand and overall economic growth.
China is confident and capable of reaching this year's GDP growth target of around 5 percent, and policymakers have ample tools to stabilize the economy next year, officials and experts said on 19th of Dec.
At the invitation of U.S. President Joe Biden, Chinese President Xi Jinping will attend a China-U.S. summit meeting and the 30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in San Francisco this week.
China's economy is expected to steadily recover in the fourth quarter and further pick up in 2024, and will be far from nearing a so-called state of deflation, said Hoe Ee Khor, chief economist of the ASEAN 3 Macroeconomic Research Office, or AMRO.
China's consumer price index, a main gauge of inflation, is likely to continue to recover as the upcoming holidays of the Mid-Autumn Festival and National Day are expected to boost market demand for food and services, the National Bureau of Statistics said on 15th of Sept.