China’s second-quarter GDP grew by 6.3 percent, but grew slower than expected.
China’s second-quarter gross domestic product grew by 0.8 percent compared to the previous quarter and by 6.3 percent compared to the same period last year.
Compared to economists’ estimate of 7.3 percent, it fell short of expectations.
In the first quarter, GDP grew by 2.2 percent and 4.5 percent annually compared to the previous quarter.
The Chinese government is targeting growth of around 5 percent for the full year.
While the below-expected increase in retail sales pointed to the weakness of consumption expenditures, investment data on the housing sector rekindled the expectations for additional incentives. Guotai Junan Hong Kong Ltd. “This is a consumption-driven slowdown that requires policy support on the demand side,” said Hao Zhou, chief economist. We believe that more interest rate cuts are more or less a guarantee.”