China's economy grew at its weakest pace in more than three years during the second quarter, data showed Wednesday, missing expectations even as strong exports driven by the global AI boom helped offset trade disruptions caused by the Middle East war. The 4.3 percent year-on-year expansion reported by the National Bureau of Statistics (NBS) for April to June was short of the 4.5 percent forecast in an AFP survey of economists and the slowest growth since the fourth quarter of 2022. It was also short of the 4.5 to 5.0 percent annual rate targeted by Beijing, which is the lowest in decades. A years-long crisis in the property sector and a persistent slump in domestic spending have left leaders reliant on exports to meet growth targets. However, the US-Israeli war on Iran has threatened that as it chokes shipping through the Strait of Hormuz – a vital transit route through which a fifth of global oil and natural gas normally passes.
To display this content from YouTube, you must enable advertisement tracking and audience measurement.
One of your browser extensions seems to be blocking the video player from loading. To watch this content, you may need to disable it on this site.
Cover image: BUSINESS DAILY © FRANCE 24
