IMF Staff Country Reports

People’s Republic of China: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the People’s Republic of China

August 2, 2024

Download PDF More Formats on IMF eLibrary Order a Print Copy
More formats on IMF eLibrary Order a Print Copy

Preview Citation

Format: Chicago

International Monetary Fund. Asia and Pacific Dept "People’s Republic of China: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the People’s Republic of China", IMF Staff Country Reports 2024, 258 (2024), accessed November 21, 2024, https://0-doi-org.library.svsu.edu/10.5089/9798400284281.002

Export Citation

  • ProCite
  • RefWorks
  • Reference Manager
  • BibTex
  • Zotero
  • EndNote

Also available in: 中文

Summary

The 2024 Article IV Consultation explains that China’s economy has remained resilient despite the continued weakness in the property sector, with gross domestic product (GDP) growing by 5.2 percent in 2023, and 5 percent y/y in the first half of 2024. The authorities have taken incremental policy steps to achieve these objectives, but a comprehensive and balanced policy approach is needed to manage the challenges facing the economy. GDP growth is expected to remain resilient at 5 percent in 2024 despite the continued property sector adjustment, supported by strong public investment and the ongoing recovery in private consumption. Inflation has been low in recent quarters amid considerable economic slack and is expected to pick up gradually as the output gap closes and the impact of lower commodity prices wanes. Growth is expected to slow in the medium term amid declining productivity growth and aging. The immediate priorities are to facilitate a more efficient and less costly property sector adjustment and to provide adequate macroeconomic policy support amid continued slack and elevated downside risks. Tackling the debt overhang, preventing the build-up of new risks, and fostering high-quality and sustainable growth requires comprehensive structural reforms.

Subject: Deflation, Fiscal policy, Fiscal stance, Housing, Inflation, National accounts, Prices

Keywords: Asia and Pacific, Currency basket, Deflation, Fiscal stance, Global, Housing, Includes government fund, Inflation, Interest rate, Monetary policy operation, Nominal GDP, State-administered SOE funds, Trading price

Publication Details

You May Also Be Interested In...

Quarterly Projection Model for the Bank of Ghana: Extensions and Applications

November 15, 2024

Libya: Technical Assistance Report-Redesign of Income Tax Forms

November 15, 2024

Growth Convergence and Public Finances of India and its States

November 15, 2024

Foreign Exchange Intervention Under the Integrated Policy Framework: The Case of India

November 15, 2024