China’s economy will show gradual improvement in 2024, propelled by manufacturing and consumption, rather than property and local government financing, amid a structural shift towards high-quality growth drivers, Peiqian Liu, Asia Economist at Fidelity International, said at a media briefing on Thursday.
“Tourism, entertainment, culture, and other related spending are all signs of an emerging middle class upgrading its lifestyle, so [these segments] are perhaps going to be part of the drivers of growth,” said Liu, adding that “in-touch” services consumption has also seen a meaningful rebound over the past year, on top of a recovery in traditional and consumer durables consumption.
By Yuke Xie
https://www.scmp.com/economy/china-economy/article/3249780/chinas-economy-gradually-heat-2024-manufacturing-spending-top-growth-drivers-not-property-fidelity?module=top_story&pgtype=homepage