Chinese men rest near a screen depicting a phoenix at a mall in Beijing, on June 11, 2024. China kept a key lending rate unchanged on Monday, June 17, as data showed signs of persisting weakness in manufacturing and the real estate sector. A man walks by a construction site in the Central Business District in Beijing on June 5, 2024.
The downturn in the property industry followed a crackdown on excessive borrowing by property developers several years ago. That led many to default on their debts as they meanwhile have struggled to deliver apartments that buyers had already paid for. That also hit contractors and suppliers of building materials, appliances and other household goods.
She pointed to rising retail sales and investments in various high-tech industries as signs of progress. A program encouraging Chinese families to recycle old appliances and trade in their cars for new, electric vehicles is helping revive consumer spending, Liu said.