Hong Kong —
China is struggling to offset economic challenges both at home and abroad, as its economy grew at a slower-than-expected pace in the second quarter of the year.
On Wednesday, China’s National Bureau of Statistics said the economy grew 4.3% in the quarter ending June 30, compared to the same period a year ago.
The figures, which fell short of expectations for 4.5% growth, are a rare admission of economic weakness for China, which has long worked to prop up industrial activity with infrastructure investment and exports.
That’s also despite China’s target for 4.5-5% expansion this year, the lowest since Beijing started announcing such figures in the early 1990s. In 2020, officials decided to forgo setting a target during the Covid-19 pandemic.
