IMF Forecasts Sharp Decline in China's Housing Demand, Economic Growth to Slow

As China faces a significant drop in new housing demand and economic uncertainties, Beijing introduces measures to stabilize the property market.

IMF predicts a significant drop in China's new housing demand over the next decade, citing a decline in new urban households and a large inventory of unfinished properties.
China's economic growth is expected to slow to 4.6% in 2024, with the IMF highlighting high uncertainty and calling for greater data transparency.
Beijing pledges support for renters and introduces measures to stabilize the property market, aiming to boost confidence and address the industry's downturn.
The real estate sector's challenges contribute to a broader economic slowdown, affecting consumer confidence and local government revenues.
IMF emphasizes the need for China to address local government debt risks and implement monetary policy reforms to support economic stability.