China’s economy grew by 4.7% in second quarter, lower than expected amid pressures

China’s economic growth underperformed against market expectations in the second quarter.

The world’s second-largest economy grew by 4.7 per cent in the second quarter compared to a year earlier, the National Bureau of Statistics (NBS) said on Monday.

In the first half of the year, China’s gross domestic product grew by 5 per cent year on year, according to NBS.

Quarter on quarter, China’s economy grew by 0.7 per cent in the second three months of the year, down from a rise of 1.6 per cent from the previous three months.

Despite escalating trade frictions and challenges in the domestic property and job markets, Beijing has set an annual economic growth target of around 5 per cent, with multiple domestic and international economic institutions predicting that the goal is likely to be achieved.

“The current external environment is complicated, while domestic demand remains insufficient. We still need to consolidate the foundation for economic recovery,” the NBS said on Monday.

China’s industrial output, meanwhile, increased by 5.3 per cent last month from a year earlier, compared to the 5.6 per cent growth in May.

Overall fixed-asset investment rose by 3.9 per cent in the six five months of 2024, year on year, compared with a 4 per cent gain in the January-May period, while the private investment grew by 0.1 per cent in the first half of the year.

Property investment, meanwhile, fell by 10.1 per cent, year on year, following a 10.1 per cent fall in May.

China’s overall urban unemployment rate stood at 5 per cent, unchanged from May.

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