(Bloomberg) — China’s economy grew slower than expected in the second quarter, with worrying signs of a slowdown in consumer spending and ongoing pain in the property market prompting calls for Beijing to do more to support the recovery.
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Gross domestic product expanded 6.3% in the second quarter from a year prior, data released by the National Bureau of Statistics showed Monday, weaker than the median forecast of 7.1% by economists surveyed by Bloomberg.
Monthly indicators for June showed a mixed picture, with a notable slide in retail sales growth and a weakening in the property market, while industrial production improved.
“This is a consumption-induced slowdown, which calls for policy support on the demand side,” said Hao Zhou, chief economist at Guotai Junan Hong Kong Ltd. “We believe further rate cuts are more or less warranted.”
Beijing has set a moderate GDP growth target of around 5% for this year, but is contending with a barrage of economic…
2023-07-16 22:46:23
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