Source Regional Economic Service of the French Embassy
+8.6% for online purchases in China
The National Bureau of Statistics this week published activity figures for the month of September and preliminary GDP figures for the third quarter of 2024. Chinese GDP grew by +4.8% year-on-year over the first three quarters. , and +4.6% for the last quarter alone (after +4.7% year-on-year in the first quarter of 2024). Quarter-on-quarter, GDP grew by +0.9% compared to +0.5% in the second quarter.
Activity data showed the continuation of the divergent trend in the Chinese economy, with retail sales growth at +3.3% between January and September. In particular, online purchases increased by +8.6% compared to the previous quarter. On the production side, the added value of services increased by +4.7% over the first three quarters (compared to 4.6% in the first half), and industrial added value increased by +5.8% (compared to 6% in the first half). half). Contributions to consumption growth, investment and trade have not yet been published.
Real estate still in decline
Regarding the real estate sector, investments decreased by -10.1% between January and September (-10.2% observed between January and August), sales of new housing decreased by -17.1% (compared to -18. 0% between January and August), and promoter funds are down -20% (20.2% between January and August).
Thus the Chinese Ministry of Housing plans to renovate an additional million homes and extend loans to real estate projects via the policy of “ whitelist “. This mechanism aims to guarantee bank loans to selected developers, to complete real estate projects deemed viable. The size of the system is almost doubled, to now CNY 4,000 billion (EUR 518 billion, 3% of GDP) by the end of the year (2,230 billion having already been loaned). In addition, it is also planned to remove all purchase restrictions, reduce borrowing and down payment rates. Finally, 1.48 million affordable housing units would have been allocated this year.
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