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Consumption and investment pressures cause China's economic growth to fall below target
Official data indicate that China's economic growth slowed to 4.3% in the second quarter, the lowest rate in years outside of the COVID-19 pandemic. This slowdown is due to weak consumer demand and declining investments, with the drop in real estate investments by 18% marking the most significant decline since 1992. Retail sales saw a modest increase of 1%, while car purchases plummeted by over 16%. At the same time, efforts in artificial intelligence infrastructure contributed to supporting production and exports, which rose by 27%.
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