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China growth hits 4.3% in June quarter, below target

Exports rose 27% in June on customs data while domestic vehicle sales fell more than 16%, underscoring reliance on overseas demand.

Reported · Written up by our desk · China

China’s economy expanded by 4.3% in the three months to June, one of its weakest quarterly growth rates on record, according to data released by the National Bureau of Statistics of China.

The figure came in below China’s official target range of 4.5% to 5%, and economists highlighted that the lopsided performance reflects dependence on exports while consumer demand and investment at home remain weak.

The release followed customs figures for June that showed outbound shipments rising by 27%, while domestic vehicle sales fell by more than 16%. Monthly car exports topped 1 million for the first time in June, but retail sales excluding cars increased by 3%.

Analysts said more sustained growth in consumption is needed to rebalance an economy in which exports account for about 20% of gross domestic product, with attention on whether China’s leadership will signal new stimulus measures during a top-official meeting later this month.

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