China released its GDP report card
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China Economy: After the Corona transition period, China’s economic situation continued to worsen. There was a big decline in the real estate sector of the country. Its pressure came on the banking system there. Meanwhile, the rise in inflation and weakness in construction increased Dragon’s concerns. However, China took many strict steps to strengthen its economy. Its effect is visible. It is being told that China’s economy has performed better than expected in the first quarter. According to official data, the world’s second largest economy grew at an annual rate of 5.3 percent in the January-March quarter. This is more than analysts’ estimate of about 4.8 percent. Compared to the previous quarter, the growth rate increased by 1.6 percent.
Big target set for 2024 also
According to data released by China, industrial production was 6.1 percent higher on an annual basis in the first quarter and retail sales grew at an annual rate of 4.7 percent. Policymakers have taken several fiscal and monetary policy measures to boost China’s economy. China has set an ambitious gross domestic product (GDP) growth target of five percent for 2024.
Also Read: Tesla is going to do big layoffs, 15 thousand people will be laid off, Elon Musk himself told the reason
Population decline becomes a concern
On one hand, China’s situation is getting better. On the other hand, the decreasing population of the country remains a cause for concern. In the year 2023, the population of China has declined from 1.41 billion to 1.40 billion. According to the United Nations forecast, China’s population will decline to 1.31 billion by 2050. Then by 2100 it will reduce to about 80 crores. This is an important change and its impact will be seen all over the world. Population change can create ‘cycles of destruction’, where one economic situation causes negative impacts and then another and the next. As low productivity begins to impact production in particular sectors, China may be forced to increase imports to meet demand in those industries.
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