Reported 8 months ago
On June 17, 2024, in Shanghai, China, an ongoing construction project of a Country Garden residential area was observed. Despite numerous measures to stabilize the market, China's real estate sector remains sluggish, posing a major drag on the economy. Data from the National Bureau of Statistics indicated a 0.7% monthly drop in new home prices in 70 major cities, the largest since October 2014. Property prices also fell by an average of 7.5% compared to the previous year. Consumption saw a 3.7% increase in May, attributed to the government's 'old-for-new' policy, while exports grew by 7.6%. However, industrial production slowed down in May, reflecting the imbalanced economic growth in China, where exports drive growth while the property market weighs it down. The economy still faces deflation risks, with CPI at 0.3% and PPI at -1.4% in May.
Source: YAHOO