China economic growth falls sharply, missing target

China's economic growth decelerated sharply in the second quarter, reaching 4.3% and falling short of Beijing's annual target. This slowdown occurred despite a significant 27% jump in exports in June compared to the previous year, driven by global demand for semiconductors and electric vehicles.

Official figures revealed the world's second-largest economy's performance between April and June, a period impacted by weak domestic demand and the lingering effects of the Iran war on oil prices. This contrasted with the first quarter's growth of 5%.

Further data highlighted ongoing economic challenges within China. The property market continued its slump, with new home prices falling again, though at a slightly slower pace. Consumer spending showed some improvement, with retail sales rising 1% in June after a decrease in May. However, the overall picture suggests a complex economic landscape for Beijing.