Posted 2/2/2024, 8:30:00 AM
Chinese Economic Growth Slows as Housing Market Slump Persists Despite Government Measures
- Chinese markets sank despite new measures to aid struggling property sector; IMF forecasts slowing economic growth
- Housing market crackdown since 2020 has led to over 60% drop in housing starts
- Liquidation of heavily indebted China Evergrande highlights industry crisis
- Sluggish property market hurts local government revenue from vital land sales
- New policy aims to increase affordable rental housing supply to support young people