Property still vital for China’s confidence, emerging ‘new three’ growth engines to help: Citi economist

Structural problems emerged in the economy as China’s property sector had a dire year. To see a restoration of confidence, more targeted policy support and timely interventions are needed.

AbJimroe AbJimroe
Jan 16, 2024 - 21:01
0 137
Property still vital for China’s confidence, emerging ‘new three’ growth engines to help: Citi economist

January 16, 2024

A stable property sector continues to be key to restoring both investor and consumer confidence in China’s economy development in 2024, Citigroup’s Greater China chief economist Xiangrong Yu said in an outlook briefing last week.

Second-hand home prices in 70 major Chinese cities have declined as of last November, the first time in nine years, while property sales dropped by 35% year-on-year compared to the peak period in 2021, Yu said. The spillover effect has led to contraction in sectors such as cemetery, glass, furniture and internal design.

Yu called for more timely and more forward-looking policies in 2024, as frequent stimulus measures in 2023 did not...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 3 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Markets North Asia #china outlook 2024 #citi #china property #new three #advanced manufacturing