China GDP Growth: Chinese Economy Grew 6.3% in the Second Quarter, Lower Than Expected as Momentum Slows
The 6.3% growth in China's gross domestic product from April to June compared to the same period in 2022 was the fastest in the past year, and outpaced the 4.5% growth in the previous quarter, according to government data released Monday.
Beijing, July 17: China's economy grew 6.3% in the second quarter of the year after near-stagnant growth a year earlier, missing analyst expectations even as momentum is expected to weaken in the coming quarters. The 6.3% growth in China's gross domestic product from April to June compared to the same period in 2022 was the fastest in the past year, and outpaced the 4.5% growth in the previous quarter, according to government data released Monday. China and Chinese Mafia Overseas Protecting Each Other's Interests: Report.
The GDP in the second quarter was up 0.8% compared to the first three months of the year. The surge in growth is largely due to China's GDP growing just 0.4% a year ago, amid strict lockdowns in cities like Shanghai during China's worst COVID-19 outbreak of the pandemic. Chinese E-Commerce Giant JD.com Releases Large Language Model ‘ChatRhino’ As China Introduces Interim Laws for AI Services.
Analysts had forecasted growth for the quarter ended June to exceed 7%.
China's GDP in the first quarter beat expectations and grew by 4.5%, as consumers flocked to shopping malls and restaurants after nearly three years of “zero-COVID” restrictions were removed at the end of 2022. But analysts expect the growth to slow, amid a 12.4% slump in exports in the second quarter.
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