GDP of China grew by 5.2% YOY for the 4th quarter of 2023. Among components, consumption contributed 80% of the growth, which was the largest. It indicated that consumption in China speeded up its recovery in the post pandemic era. However, real estate sector in China performed not well, having a negative growth YOY for the 4th quarter of 2023. It implied that purchasing power and willingness of consumers needed to recover. In addition, the newly constructed area of real estate appeared to decrease largely due to tight cash flow of real estate enterprises partly.

Macro-Data Source: National Bureau of Statistics