China pledges more help for its ailing property market, as IMF forecasts economy will slow

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Chinese markets have retreated despite a fresh flurry of measures to help prop up the ailing property sector. Shanghai’s Composite index dropped 1.5% after dipping sharply lower earlier in the afternoon. The retreat came after the International Monetary Fund forecast that China’s economy will expand at a 4.6% annual pace this year, down from 5.2% in 2023. The IMF said persisting weakness in the property market could pull growth even lower. The industry’s downturn followed a crackdown on excessive borrowing that began several years ago. Recent moves to help renters and increase the supply of affordable housing to spur demand come just weeks before officials will gather in Beijing for the annual meeting of the national congress.