InfoQuest News Agency (16 April 2024)
The Shanghai Composite Index of Chinese stock markets closed negative today. After China released disappointing economic data This includes industrial production and retail sales which expanded less than expected.
The Shanghai Composite Index closed at 3,007.07 points, down 50.31 points or -1.65%.
China’s National Bureau of Statistics (NBS) said today that China’s March industrial production rose 4.5% year on year. That was below analysts in a Reuters poll expecting a 6% rise, while March retail sales rose 3.1% year-on-year. This was less than the 4.6% increase expected by analysts.
China’s new house prices in March fell 2.2% year on year. This is the most serious adjustment for over 8 years or since August. 2015 Investment in China’s real estate sector fell 9.5% in the first quarter of 2024, after falling 9% in January-February.
The data shows that China’s real estate sector remains fragile. This is despite the fact that the Chinese government has introduced various measures to stimulate demand in the sector. This includes relaxing home purchase controls, supporting housing innovation in urban areas. and push commercial banks to speed up loan approvals for real estate development companies that lack cash to operate their businesses.
By Rattana Phongtawich
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