毕马威：2024年第三季度中国经济观察报告（英文版）（21页）.pdf

1、August EconomicMonitorIssue:2024 Q32 2024 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of indepen

2、dent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Key takeawaysChinas GDP grew 5%year-over-year(YoY)in H1 2024,reaching the target set at the Two Sessions earlier this year.In Q2 2024,the economy grew 4.7%,down from 5.3%in

3、 Q1 and lower than market expectations.Extreme weather,adjustments to calculations of the value of the financial industry,and sluggish domestic demand weighed on economic growth.The momentum of consumption slowed down with a decline in income growth.The growth of retail sales fell to 2.6%in Q2 2024

4、from 4.7%in Q1.At its July meeting,the Politburo pointed out that consumption would be the core engine to boost domestic demand.Consumption is expected to recover moderately in H2 2024.Manufacturing investments held up relatively well,with a growth rate of 9.3%in Q2 2024.The expansion of equipment r

5、enewals is expected to sustain robust growth in manufacturing investment.Growth in infrastructure investment dropped slightly to 7.2%in Q2 2024 from 8.8%in Q1.Government investment slowed down due to extreme weather and tightened fiscal spending.With issuances of local government special bonds and e

6、xtra long-term special treasury bonds speeding up,however,infrastructure investment is expected to remain robust.The property market is still struggling with weak sales and sluggish investment.Real estate investment declined by 10.5%in Q2 2024.To further raise housing demand and promote activity in