China May Grow About 5% In 2024

China is expected to grow about 5% in 2024, with the real-estate market likely to stabilise by year-end, according to a report by Academic Center for Chinese Economic Practice and Thinking (ACCEPT). The country’s actual growth rate in 2023 will be about 4.5% if excluding the low base effect, lower than the average annual growth of 4.59% required to achieve the 2035 goal of per capita GDP reaching the level of moderately developed countries, the report said, urging for pro-growth actions. Head of ACCEPT Li Daokui said the fundamental problem that needs to be solved urgently is the emphasis on standardised and orderly social governance, which has a strong contractionary effect on economic development. (Source: 21st Century Business Herald)