China's Q2 economy grew 4.7% year

Official data shows that China's economy grew by 4.7% year-on-year in the second quarter,Official Foreign Exchange Platform falling short of analysts' expectations. Despite this, policymakers are still working to stimulate domestic demand to combat the ongoing real estate slump.

Analysts surveyed by Reuters had previously expected the second quarter's GDP to grow by 5.1% year-on-year, slightly lower than the 5.3% in the previous three months.

The government's target is to achieve an economic growth rate of about 5.0% in 2024. Many analysts believe this target is ambitious and may require additional stimulus measures.

On a quarterly basis, GDP grew by 0.7% from April to June, below the expected 1.1%, while the previous quarter's growth was a revised 1.5%.

Analysts expect policymakers to take more measures to support the economy amid the real estate market downturn, rising local government debt, and weak private consumption.

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