China’s economic growth slowed in the second quarter of 2024
China announced that its economic growth in the second quarter of 2024 decreased to 4.7 percent, whereas this rate was 5.3 percent in the first quarter
According to the Associated Press, China’s National Bureau of Statistics announced on Monday that this year’s economic progress, following a severe slowdown during the COVID-19 pandemic, has been hard-earned due to weak global economic growth, high inflation, geopolitical issues, disruptions in international trade, and other problems
Economists say low consumer demand and reduced government spending have challenged the growth of the world’s second-largest economy
China’s exports increased by 8.6 percent compared to last year, while imports faced a 2.3 percent decrease
Factory production grew by 5.3 percent in June, while retail sales increased by only 4.1 percent from January to May