China's economy grows 6.3% in Q2, missing expectations

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Asia Pacific

China's economy grows 6.3% in Q2, missing expectations

China's economy has lost steam in the second quarter, after a strong rebound in the first three months of the year thanks to the lifting of pandemic restrictions. Gross domestic product expanded by 6.3% from April to June year-on-year, missing expectations. The growth was hit by lower global demand for Chinese goods and a deepened slump in the real estate sector. The weak data has prompted calls for Beijing to deliver more stimulus measures more than six months after it lifted strict COVID-19 measures. Meanwhile, the country's youth unemployment hit a new record high of 21.3% in June, beating the previous record of 20.8% in May. University graduates who had aspired for white-collar work have been hit particularly hard by the tough job market.