China's Economy: Slow Growth, But Hope on the Horizon

China's economy grew by just 4. 6% in the third quarter, the second quarter in a row to miss the government's target of 5% growth for 2024. Weak consumer spending, a struggling property market, and slower industrial output are to blame. Retail sales grew by 3. 3%, down from 3. 7%, and industrial production dropped to 5. 8%. Investment in fixed assets, like buildings and equipment, also slowed down. The property sector is a big part of the problem, with investment in real estate development dropping by 10.1% for the second straight quarter. But there's some good news. Retail sales and industrial output picked up in September, and unemployment fell slightly. The government is hopeful that the economy will meet its growth target this year, thanks in part to a big stimulus package announced last month. Independent experts agree that with some extra help, China can reach its goal.