China's Economic Outlook for 2024: Leaders Pledge Stronger Support Amidst Challenges

Chinese officials predict that China's economy will experience more favorable conditions and opportunities than challenges in 2024. Macroeconomic policies will continue to support economic recovery, with low prices, manageable government debt levels, and the potential for strengthened implementation of monetary and fiscal policies. However, blockages persist in the domestic economic cycle, with weak demand, consumption, and enterprise investment. China aims to shift from post-pandemic recovery to sustained consumption growth, cultivating new areas such as smart homes, recreation, tourism, and sports events. The effects of this year's policies, including treasury bond issuance, interest rate cuts, and tax and fee reductions, will continue into next year. China will also monitor the real estate market and meet the financing needs of real estate companies to prevent risks and stabilize the market.