China’s economy grew slower than expected in the second quarter, expanding 4.7% from April to June, the lowest since early 2023 and below a forecasted 5.1%. The slowdown was attributed to a prolonged property downturn and job insecurity, which dampened consumer spending, leading to an 18-month low in retail sales growth. Analysts foresee challenges in achieving the 5% growth target for 2024 amid falling property and stock prices, weak wage growth, and ongoing cost-cutting measures across industries. The government may need to implement further stimulus measures to bolster economic recovery, with expectations of policy easing in fiscal and housing sectors to stimulate domestic demand.