The world’s second largest economy grew by 4.7 percent in the second quarter of the year, which is less than expected.
China’s economy grew more slowly than expected in April-June. According to statistics published by the government, the economy grew by 4.7 percent annually, while in the previous quarter it had grown by 5.1 percent.
The experts interviewed by the Reuters news agency had expected a 5.1 percent increase.
The background to the slowdown in China’s economic growth is the protracted housing market problems, shrinking public consumption and uncertainty about employment, which in turn weighs on domestic consumption.
The report sees the growth of industrial production, income and investments as bright spots.
In the first half of the year, China’s economy has grown by 5 percent, which is the growth target set by the government.
AP, Reuters