China GDP growth slows to 4.7% in Q2, missing 5% target
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China's economy grew 4.7% in the second quarter of 2026, missing the government's 5% annual target. Weak domestic demand and the impact of the Iran war on oil prices weighed on growth, even as exports remained strong.
Growth Figures
China's gross domestic product expanded 4.7% year-on-year in the April-June period, the National Bureau of Statistics reported Wednesday. The reading missed the 5% target set by Beijing and was below the 5.3% growth recorded in the first quarter. Analysts had expected a 5.1% expansion.
Underlying Factors
Weak domestic consumption and a prolonged property sector downturn continued to drag on growth. The Iran war pushed global oil prices above $90 a barrel, raising input costs for Chinese manufacturers. Exports, however, rose 8.6% in June from a year earlier, providing a buffer.
What's Next
Beijing is expected to announce additional stimulus measures in the coming weeks. It remains unclear whether the government will revise its annual growth target or ramp up spending to meet it.
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China GDP growth slows to 4.7% in Q2, missing 5% target
