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After a smart start to the year, spending has fallen as the housing slowdown weighs on consumers. Communist Party leaders will meet this week to discuss next steps.
By Keith Bradsher
Information from Beijing, Shanghai, Nanchang and Jingdezhen, China
China’s economic expansion collapsed in the spring after a strong start to the year, data showed on Monday, as a property crisis prompted consumers to spend more cautiously.
The latest expansion statistics for the world’s second-largest economy, covering the period from April to June, put more pressure on the Communist Party as its leaders gathered in Beijing on Monday for a four-day conclave aimed at setting the course for the long-running economic crisis. march of the country.
In a country known for its strict controls on information, the Chinese government maintains tight control ahead of the party’s five-year Third Plenum rally. China’s National Bureau of Statistics has canceled its traditional press conference that includes data releases, and Chinese companies typically avoid publishing their results this week.
China’s economy grew 0. 7% in the second quarter of the last 3 months, below the expectations of top economists. For the year as a whole, the economy grew at an annual rate of about 2. 8%, just part of the rate of the first 3 months. of this year.
The statistics office also revised downwards its expansion estimate in the first quarter. That rate, projected for the entire year, is around 6. 1%, not the 6. 6% reported in April.
Xi Jinping, China’s most sensible leader, is seeking to gain confidence in his policies as expansion falters and the asset market suffers.
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