China’s economic growth has fallen sharply, the target has been lost

China’s economic growth slowed sharply between early April and late June as weak domestic demand and the impact of the Iran war on oil prices overshadowed the country’s strong exports.

Official gross domestic product (GDP) figures showed the world’s second-largest economy grew 4.3 percent in the second quarter, below Beijing’s annual target.

The announcement showed that China’s exports rose 27 percent in June from a year earlier.

In the year In March, China lowered its economic expansion target to 4.5%-5%, the lowest since 1991 – a move some analysts said would give officials more flexibility in managing the economy.

In the year In the year The figures mark the first quarter of GDP data since the start of the Iran war on February 28 and come after a 5% increase in the first quarter.

Separate data released on Wednesday highlighted the economic challenges Beijing is facing at home – a prolonged slump in the property market and weak consumer spending.

Although June’s 0.1% decline was slightly slower than last month, new home prices fell again.

But retail sales rose 1% in June, improving from a 0.6% decline in May.

Customs data for June released on Tuesday showed that China’s technology exports boosted global demand for semiconductors and boosted artificial intelligence (AI) data centers.

Growing demand for China’s electric vehicles has given China a big boost to exports – monthly car exports have topped one million for the first time.