1、April Q1China Economic Monitor1 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 independent

2、member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.In 2023,Chinas economy expanded by 5.2%,successfully meeting the annual growth target of“about 5%”.This growth included a year-on-year increase of 5.2%in the fourth quarter.Addi

3、tionally,GDP rose by 1%on a quarter-by-quarter basis in the fourth quarter.The steady recovery of industrial production,significant improvement of the service sectors,and continuous optimization of the export structure supported the steady recovery of Chinas economy in 2023,with the economic growth

4、rate surpassing the target put forward at the two sessions last year.Consequently,the size of Chinas economy has reached a new milestone with annual GDP reaching RMB 126 trillion.Looking forward to 2024,the employment landscape is expected to gradually improve,increasing consumer income and leading

5、to growth in consumption.In terms of investment,infrastructure is anticipated to play a supporting role in the economy and maintain steady growth.The manufacturing industry is projected to see growth,bolstered by policy support.The further easing of real estate policies is expected to gradually rele

6、ase housing demand.This change is likely to improve the financing conditions for real estate enterprises,helping to stabilize the real estate market,and lessen the drag on the economy.Internationally,the fall in the inflation rate has led the Federal Reserve to suspend the pace of interest rate hike