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China growth slows as retail sales and property investment weaken
Changchun party chief Zhang Enhui cited “unprecedented difficulties and challenges” as second-quarter GDP growth eased to 4.3% from 5.0%.
South China Morning Post reports that Chinese officials are usually reluctant to highlight problems, but the party chief of Changchun, Zhang Enhui, publicly warned on July 22 that the city faces “unprecedented difficulties and challenges.” He urged “all-out efforts” to confront unexpected economic pressures, underscoring how strain is reaching beyond national messaging.
The outlet links the concern to deteriorating broad economic indicators. China’s GDP grew 4.3% in the second quarter, down from 5.0% in the first quarter, leaving first-half growth at 4.7%. That still sits within the official full-year target range of 4.5% to 5%, but only narrowly.
According to SCMP Economy, the slowdown was driven by weaker private activity and fixed-asset investment. Fixed-asset investment fell 5.7% year on year, while property investment dropped 18% in the first half.
Retail sales also showed a sharp deceleration, rising only 0.2% in the second quarter compared with 2.4% in the first, the report said, pointing to sluggish consumer demand alongside the housing slump.