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1、China EconomicMonitorIssue:2024 Q4November 2024 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland,KPMG,a Macau(SAR)partnership,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of i

2、ndependent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2024 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland,KPMG,a Macau(SAR)partnership

3、,and KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Key takeawaysChinas GDP grew 4.8%year-over-year(YoY)in the first three quar

4、ters of 2024.GDP grew 4.6%in Q3 2024,0.1 percentage points lower than that of Q2 2024,in line with market expectations.On a quarter-over-quarter basis,the economy grew by 0.9%in Q3,lower than the average growth rate in the past five years.The slowdown is partly caused by weak modest domestic demand,

5、contracted production,and low industrial capacity utilisation.On the other hand,exports rose by 6.0%YoY in Q3 2024 thanks to continuous improvement in external demand.Chinas trade with emerging markets has seen fast growth,reflecting strengthened regional collaborations.Meanwhile,the optimisation of

6、 the structure of export commodities continues and exports are expected to remain resilient this year.Consumption picked up momentum,growing from 2.6%in Q2 to 2.7%in Q3.The government applied ultra-long special treasury bonds to support the Consumer Goods Trade-In Programme in Q3,boosting durable go