Jan 10, 2024 05:23 AM

ECONOMY

UBS Economist Expects Less Property Drag on China’s Economy in 2024

By Fan Qianchan, Wang Liwei and Denise Jia

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A residential project under construction in Shenyang, Liaoning province, on Jan. 21, 2023.

A residential project under construction in Shenyang, Liaoning province, on Jan. 21, 2023.

The property slump is expected have slightly less of an impact on China’s economy in 2024 than feared, while fiscal support will play a bigger role, Wang Tao, UBS’s chief China economist, said at a Tuesday seminar.

The year-on-year growth rate in 2024 will be lower than that in 2023, but the economy will continue to recover and stabilize with a growth rate of about 4.5%, Wang said.

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