China's Economy Slows in Q2, Consumer Demand Weak
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By Rediff Money Desk, Bangkok Jul 15, 2024 07:52
China's economy grew at a slower-than-expected 4.7% in the second quarter, driven by weak consumer demand and reduced government spending.
Photograph: Aly Song/Reuters
Bangkok, Jul 15 (AP) China's economy expanded at a slower-than-forecast 4.7% annual rate in the last quarter, the government reported Monday.
That was sharply below the 5.3% annual pace of growth seen in the first quarter of the year.
Economists say weak consumer demand and reduced government spending are dragging on growth.
The economy grew at a 5% pace in the first half of the year, at the target set by the government for around 5% growth.
That was sharply below the 5.3% annual pace of growth seen in the first quarter of the year.
Economists say weak consumer demand and reduced government spending are dragging on growth.
The economy grew at a 5% pace in the first half of the year, at the target set by the government for around 5% growth.
Source: ASSOCIATED PRESS
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