China has been under deflationary pressure with nominal GDP growing slower than real GDP for the seventh straight quarter in the final quarter of 2024. Consumer prices climbed just 0.2% in 2024 and 2023, while producer prices have declined for over two years.
Facing more headwinds from internal and external, China cut inflation outlook to two-decade low, also laied out stimulus plans at ‘Two Sessions’ meeting. Beijing revised down its annual consumer price inflation target to around 2% — the lowest in more than two decades — from 3% or higher in prior years.
That marks an implicit recognition of modest domestic demand. The new inflation goal would act more as a ceiling than a target to be realized.
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