China's Economic Outlook: Navigating Challenges and Shifting Focus
Major international investment banks are predicting a slower economic growth for China in 2024, with an average forecast of 4.6% increase in real GDP, down from 5.2% in 2023. Factors contributing to this include a housing market correction and subdued external demand. Despite this, China's economy is still expected to outpace that of developed economies, with UBS analysts pointing to growth potential in areas such as urbanization, manufacturing, services, and renewable energy.