China’s Economic Growth Slows in the Second Quarter of 2024

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China's Economic Growth Slows in the Second Quarter of 2024

China’s economic growth slowed in the second quarter of 2024.

China announced that the country’s economic growth in the second quarter of 2024 decreased by 47%, while this rate was 53% in the first quarter.

According to the Associated Press, China’s National Bureau of Statistics announced on Tuesday that economic progress this year has been severely reduced due to slow growth during the COVID-19 pandemic, weak global economic growth, high inflation, geopolitical issues, disruptions in international trade, and other challenges.

Economists say low demand for consumption and government cost-cutting have posed challenges for the world’s second-largest economy.

China’s exports have increased by 86% compared to last year, while imports have faced a 23% decrease.

Factory production had a growth of 53% in June, while retail sales only increased by 41% in the period from January to May.

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