China's economy grew 4.3 percent year-on-year in the second quarter, missing analyst expectations of 4.5 percent and marking the weakest quarterly expansion since late 2022. The slowdown from 5.0 percent growth in the first quarter follows Beijing's release of a five-year consumption plan aimed at reviving household spending.
Quarter-on-quarter, the economy expanded just 0.9 percent between April and June. For the first half, GDP rose 4.7 percent year-on-year. Trade remained a bright spot, with exports surging 27 percent and imports jumping 36 percent in June.
Underlying pressures persisted: property sector investment fell 18 percent in the first half while fixed-asset investment contracted 5.7 percent. Retail sales grew 1.3 percent over the half-year, though June saw only a 1.0 percent increase.