It will be challenging for China to achieve its real GDP growth target for 2024 of “around 5%”, unveiled at the National People’s Congress annual legislative session, but the government is stepping up fiscal easing, cushioning the impact of lingering stress in the property market, says Fitch Ratings. Our March Global Economic Outlook projects China’s economic growth in 2024 at 4.5%, a marginal downward revision from December. We have cut our forecasts for China’s housing market, and now expect a 5%-10% fall in new home sales in 2024, amid the persistent slump in new housing demand. We expect a decline in ... (full story)