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China's Q2 GDP Growth Slows to 4.3%, Lowest Since Late 2022
🇰🇷 South Korea /Economy & Trade

China's Q2 GDP Growth Slows to 4.3%, Lowest Since Late 2022

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • China's second-quarter GDP grew 4.3%, the slowest rate since the pandemic-hit fourth quarter of 2022.
  • The slowdown, despite export strength, is attributed to a struggling property market and weak domestic demand.
  • This raises concerns about China's ability to meet its annual growth target of 4.5-5.0%.

China's economic growth faltered in the second quarter, with GDP expanding by 4.3%. This marks the slowest pace since the final quarter of 2022, when the country was grappling with the effects of the COVID-19 pandemic. The slowdown occurred despite robust export performance, indicating underlying weaknesses in the domestic economy.

The primary drags on growth appear to be a persistent downturn in the property sector and sluggish consumer spending. These domestic challenges are casting a shadow over the government's ambitious economic targets. Beijing had initially projected a growth rate of 4.5% to 5.0% for the year.

While the first half of the year saw a cumulative growth of 4.7%, the significant deceleration in the second quarter has prompted analysts to question whether the annual target is achievable. The National Bureau of Statistics acknowledged external uncertainties and internal pressures, suggesting a complex economic environment ahead.

DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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