****

In a recent report, China has recorded its slowest economic growth in more than a year, raising concerns about whether the 2024 economic target is still within reach. According to the National Bureau of Statistics (NBS), the country's gross domestic product (GDP) grew by 4.6% during the July-September period compared to the same timeframe last year. This marked a slight decline from the 4.7% GDP growth seen in the second quarter of this year.

Despite the slowdown, economists remain hopeful about the future. Beijing's fiscal stimulus plans are considered capable of steering the economy towards achieving the annual growth target of around 5% in 2024. Sheng Laiyun, the deputy head of NBS, expressed optimism about the ongoing measures designed to support the faltering real estate market—an area deeply influential in China’s overall economic health.

Particularly noteworthy, Sheng highlighted preliminary data indicating strong property sales during the National Day holiday week that concluded on October 7. Additionally, a recent survey revealed improving confidence among property agents and developers, further suggesting stabilization in the property market.

"We believe that favourable conditions for economic stabilisation and recovery are increasing, and confidence in achieving the expected target of around 5 per cent is also rising," Sheng noted.

Overall, while China's third-quarter GDP figures present a challenging picture, signs of recovery and strengthened confidence in the property market offer a silver lining. The world's second-largest economy remains poised, leveraging its stimulus policies to aim for a brighter 2024.