HONG KONG (AP) — China’s economy slowed sharply to a 4.3% annualized pace of growth in the April-June quarter, the government said Wednesday, the weakest in over three years.The official data fell short of forecasts and was far below the economy’s strong 5% pace of growth in January-March, despite a surge in exports driven partly by the boom in artificial intelligence, and by robust global demand for Chinese electric vehicles. China has largely shrugged off wider economic impacts from the Iran war as soaring energy prices pushed up global inflation. Exports rose 17.6% in the first half of the year from a year earlier, and 27% in June, according to customs data.But domestic spending and investment have lagged, limiting the boost from China’s export manufacturing. Some economists say China’s economy is becoming increasingly unbalanced as heavy state support and private investments pour into frontier technologies like AI, computer chips and robotics while other areas such as lower-value manufacturing and jobs creating services industries languish.Exports of high-tech products such as electric vehicles, computer chips and other electronic equipment have risen sharply, helped by hefty government support since China’s leaders have made development of advanced technologies a top priority.
China's economy grew at a 4.3% annual pace in the last quarter, slowest since late 2022
China has reported its economy slowed in the last quarter, growing at a 4.3% annualized pace. It was the slowest growth since the last quarter of 2022 and far weaker than its strong 5% start for the January-March quarter.
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