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NYTimes
New York Times
15 Jul 2024
Keith Bradsher


NextImg:China’s Economy Slows as Housing Troubles Squeeze Spending

China’s economy slowed markedly through the spring after a strong start this year, according to official data released on Monday, as a real estate crash caused consumers and companies to spend more cautiously.

The latest growth statistics for the world’s second-largest economy, covering April through June, put further pressure on the Communist Party as its leaders gathered on Monday in Beijing for a four-day conclave to set a course for the country’s economic future.

In a country known for strict controls on the flow of information, the Chinese government is maintaining a particularly tight grip ahead of the party gathering, known as the Third Plenum, which typically takes place every five years. China’s statistical bureau canceled its usual news conference that accompanies the release of economic data and Chinese companies are mostly avoiding the release of earnings reports this week.

Xi Jinping, China’s top leader, is trying to win confidence in his policies at home and abroad as growth falters and the property market suffers.

China has tried to offset the real estate downturn by building more factories and stepping up exports. But rapid expansion of manufacturing has led to a glut of goods, from chemicals to cars, and a lot of unused industrial capacity. Companies have sharply reduced prices to compete for consumers, who nonetheless remain reluctant to spend, long a problem for the investment-led economy.

At the same time, China’s record-setting export surge is provoking a global backlash of higher tariffs, as countries fear the flood of Chinese goods will overwhelm local industries. Yet in China, the extra export revenue has not been enough to fully offset weak consumer spending at home, resulting in a slowdown that poses a problem for China’s leadership as ordinary citizens are squeezed and foreign investors become disenchanted.


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