China’s economy grows at a 4.6% rate in the last quarter, falls short of the official 5% target

AP Business Writer

HONG KONG (AP) — China has reported that its economy expanded at a slower-than-expected rate of 4.6% in the July-September quarter. The data released Friday show the world’s second largest economy slowing from 4.7% annual growth in the previous quarter. Beijing is aiming for a growth rate of “about 5%” for 2024, a figure that analysts consider ambitious without more aggressive measures to spur consumer demand and spur a recovery in the ailing property sector. The economy has remained sluggish despite the lifting of COVID-19 restrictions at the end of 2022. Consumer confidence is low and the real estate market remains a drag on the economy.