The pressure on Beijing to address weak retail spending and boost Chinese consumer confidence has intensified as recent data revealed a drag on the growth rate of the world's second largest economy. With falling house prices and slow retail sales growth, the Chinese economy expanded at a lower rate than expected in the second quarter. The chief China economist at ING bank highlighted the impact of low consumer confidence on the economic recovery, driven by negative wealth effects and stagnant wage growth. The government has set a growth target for 2024, but analysts believe it will be challenging without tax cuts, spending increases, and support for the property market. To counter soft domestic demand, China has increased infrastructure investment and focused on hi-tech manufacturing. Despite strong export growth, consumer reluctance to spend remains a significant challenge. The property market is showing slight signs of improvement, but the overall outlook remains uncertain.