Posted 1/17/2024, 2:34:00 AM
China's Economic Growth Steady But Below Expectations in Q4; Target Met, Future Stimulus Expected
- China's Q4 GDP expands 5.2% y/y, missing forecasts slightly but still allowing Beijing to meet 2023 growth target
- December activity indicators supported by base effect, but consumption remained relatively weak
- Property sector data disappointing, with weakness in housing sales worse than November
- PBOC takes "wait-and-see" approach on monetary policy due to yuan depreciation pressure
- Analysts expect more targeted stimulus measures, RRR cuts, fiscal spending to support growth in 2024