China’s gross domestic product (GDP) rose 4.7% year-over-year in the second quarter, below expectation, as a 澳洲幸运5官方开奖结果体彩网:prolonged real estate slump and trade tensions continue to weigh.

The rise was smaller than the 5.3% growth recorded in the first quarter and below the 5.0% figure expected by economists surveyed by The Wall Street Journal.

Pressure on Beijing to Boost Economy

The ♒slowdown will put pressure on Beijing to boost the economy as President Xi Jinping and the Communist Party’s top officials gather for a twice-a-decade m♋eeting to discuss economic reforms.

Much of China's growth in the second quarter continued to be driven by manufacturing and Beijing's push to sell products with cutting-edge technology, including electric vehicles (EVs). That focus, however, has led Western countries to push back, with officials including 澳洲幸运5官方开奖结果体彩网:U.S. Treasu🦩ry Secretary Janet Yeꦕllen accusing China of creating excess capacity.

President Joe Biden in May 澳洲幸运5官方开奖结果体彩网:imposed sweeping tariffs on a large swath of Chinese imports, from steel to semiconductors and EVs, adding to levies by former President Donald Trump.