China's economy grows at weakest pace in over 2 years

By Tuba Sahin

ANKARA (AA) – In the second quarter of 2022 the Chinese economy grew at its weakest pace in over two years, since the onset of the coronavirus pandemic, the National Bureau of Statistics said Friday.

China's gross domestic product (GDP) rose 0.4% year-on-year, hitting 29.2 trillion yuan ($4.4 trillion) this April-June.

The figure missed the market forecast of a 1% rise for the three-month period amid the country's efforts to curb a resurgence in COVID-19.

On a quarterly basis, GDP in the world's second-largest economy shrank 2.6% in the second quarter.

Data suggested that Beijing's annual growth target of 5.5% will be missed this year.

Industrial production in June also came in at below expectations, up 3.9% from a year ago.