BEIJING: China’s economy expanded at its slowest pace in more than three years during the second quarter, increasing pressure on policymakers to introduce additional measures to support growth and meet the country’s annual economic target.
According to data released by the National Bureau of Statistics on Wednesday, gross domestic product (GDP) grew 4.3% year-on-year in the April-June quarter, falling below the government’s official target range of 4.5% to 5%.
The figure was also lower than the 4.5% growth forecast by economists surveyed by Bloomberg and marked a slowdown from the 5% expansion recorded in the first quarter.
For the first half of the year, China’s economy grew 4.7%, while quarter-on-quarter GDP growth slowed to 0.9%, the weakest pace in more than two years.
The weaker-than-expected performance is expected to dominate discussions at the upcoming meeting of the ruling Communist Party’s Politburo, where senior leaders are likely to consider additional policy measures to support economic activity.
Analysts expect Beijing to accelerate public spending and increase investment in infrastructure projects after recent reductions in government expenditure contributed to the slowdown following a stronger-than-expected start to the year.
The latest data underscore the challenges facing the world’s second-largest economy as policymakers seek to revive growth amid subdued domestic demand and broader economic headwinds.
