China economic growth falls sharply, missing target
China's economic growth slowed to 4.3% in the second quarter, falling short of government targets due to weak domestic demand and the impact of the Iran war on oil prices. Despite this, the country saw strong performance in tech exports and electric vehicle sales.
Why it matters
As the world's second-largest economy, China's growth trajectory significantly impacts global supply chains and international market stability.
Image source, VCG via Getty Images By Peter Hoskins Business reporter Published 8 minutes ago China's economic growth slowed sharply between the start of April and end of June as weak demand domestically and the impact of the Iran war on oil prices overshadowed the country's strong exports.
Official gross domestic product (GDP) figures showed that the world's second largest economy grew in the second quarter of the year by 4.3%, below Beijing's annual target.
The announcement comes a day after government data showed that China's exports jumped by 27% in June compared to a year earlier.
In March, China cut the target to a range of 4.5%-5%, its lowest economic expansion goal since 1991 - a move some analysts say gives officials more flexibility in managing the economy.
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