3 sources·Business

China's Economic Struggles Amid Slowing Retail Sales and Housing Concerns

Retail sales growth in China slows to 3% as housing prices drop, raising concerns about consumer confidence amid looming US tariffs.

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Updated: Dec 16th, 2024, 6:03 AM ET

Summary

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China's National Bureau of Statistics reported a 3% increase in retail sales for November, a decline from October's 4.8%. The fall in consumer spending comes amid a backdrop of decreasing housing prices and a property crisis that has dampened consumer confidence. Despite government stimulus measures aimed at boosting spending on appliances and vehicles, discretionary spending on non-essentials remains weak. Analysts cite impending US tariffs under the incoming Trump administration as a significant threat to China's economic recovery, reinforcing the challenges for policymakers seeking a more consumption-driven economy.

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