Problems continue in the Chinese economy – Breaking economic news – Sözcü
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The decline in real estate investments in China continued its negative impact on economic growth. While stagnation continues in investments, youth unemployment rate was not announced this month either
Having the second largest economy in the world ChineseOctober economic indicators in Turkey reveal that difficulties in recovery after Covid-19 continue in the fields of production, consumption, investment and employment.
The National Bureau of Statistics (UIB) announced the data set consisting of industrial production, retail sales, fixed capital investments and unemployment figures covering October and the first 10 months in the country.
Accordingly, while signs of recovery in production and consumption continued in October, the decline in real estate investments continued its negative impact on economic growth.
STAGE IN INVESTMENTS
Annual turnover exceeds 20 million yuan (about 2.76 million dollarIndustrial production, which calculates the production output of industrial enterprises above), increased by 4.6 percent on an annual basis in October, above the 4.5 percent increase in September.
Retail sales, which are considered the measure of consumption, increased by 7.6 percent annually in October, exceeding the 5.5 percent increase in September.
The increase was driven by the increase in spending during the long holiday period at the beginning of October, when National Day coincided with the Mid-Autumn Festival.
On the other hand, although fixed capital investments, which include infrastructure, real estate, machinery and equipment expenditures, increased by 2.9 percent annually in 10 months, they remained below the 3.1 percent increase in 9 months.
Private sector investments among fixed capital investments decreased by 0.5 percent in 10 months.
PROBLEMS IN THE REAL ESTATE SECTOR ARE GROWING
While the decline in investments in the real estate sector, where debt problems are increasingly deepening, continues, this situation also reduces fixed capital investments.
The contraction in real estate investments, which was 9.1 percent in 9 months, increased to 9.3 percent in the January-October period.
UNEMPLOYMENT
In October, the general unemployment rate was 5 percent, maintaining its level in September.
The youth unemployment rate, which has reached record levels in the last two years, was not announced this month either.
The Chinese economy recorded annual growth of 4.5 percent in the first quarter, 6.3 percent in the second quarter and 4.9 percent in the third quarter.
Although the government’s growth target of “around 5 percent” for this year seems achievable, it is observed that structural and periodic problems in the economy continue. (AA)
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