China Faces Extended Economic Slowdown in 2024 Despite Limited Support

• China's growth will slow further in 2024, with no sector able to spark a broad rebound • The property market was previously a major GDP driver, but won't rebound as home prices hit record lows • Some support measures may help the real estate sector stabilize in early 2023 • Other parts of the economy like manufacturing may see demand, but not enough to offset declines • Analyst outlooks align with IMF and World Bank projections of sub-5% GDP growth for China next year