China’s economic growth misses the mark amid weak demand, risks ‘undershooting’ annual target
- China’s economic growth fell short of expectations in the second quarter, with analysts suggesting fiscal easing may ‘feature more prominently’
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China posts 4.7% second-quarter growth, lower than expected
China’s second-quarter economic growth fell short of expectations, hindered by weak consumption and declining property investment, adding to challenges for Beijing to hit its annual growth target as its top policymakers began a meeting on Monday to discuss solutions to stubborn challenges.
“China’s economy shows a broad deceleration as weak consumer and business sentiment further deepen the woes,” said Gary Ng, senior economist at Natixis Corporate and Investment Bank.
In the first half of the year, China’s gross domestic product grew by 5 per cent year on year, while quarter-on-quarter growth slowed to 0.7 per cent in the second three months of the year, down from a rise of 1.5 per cent from the previous three months.
[The latest] data shows that it will be challenging for Beijing to reach its full-year growth target
“[The latest] data shows that it will be challenging for Beijing to reach its full-year growth target, and it will have to ensure that GDP growth stays around at least 1.4 per cent quarter on quarter in the next two quarters,” said Ding Shuang, chief economist for Greater China at Standard Chartered.
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