Surprising Slowdown in China's Economic Growth Puts Pressure on President Xi Jinping

Money | July 15, 2024, 7:24 a.m.

China's economic growth experienced a surprising slowdown to the weakest pace in five quarters, with faltering consumer spending overshadowing an export boom. Gross domestic product expanded only 4.7% in the second quarter, falling short of economists' expectations. This disappointing performance has put pressure on policymakers to take urgent measures to support the economy at a crucial economic meeting. Retail sales also rose at a sluggish pace, indicating that government efforts to boost consumer confidence have been largely ineffective. With challenges in both domestic consumption and export sectors, there is a growing need for decisive action to stimulate growth and ensure China's economic stability.