China's Economy Struggles Amid Property Downturn and Job Insecurity

China's economy slowed to 4.7% growth in Q2, struggling with a prolonged property downturn and job insecurity. Analysts predicted 5.1% growth but got lower results, urging Beijing to introduce more stimulus to meet its 5% annual growth target. Weaknesses include property and consumer spending.

China's economic growth decelerated to 4.7% in the second quarter, according to official data released on Monday. A prolonged slump in the property sector and rising job insecurity continue to dampen domestic demand, fostering expectations that Beijing may need to roll out further stimulus measures.

The world's second-largest economy recorded its slowest growth rate since the first quarter of 2023, falling short of the 5.1% forecast by analysts in a Reuters poll, and down from the 5.3% growth seen in the previous quarter.

Alvin Tan, Head of Asia FX Strategy at RBC Capital Markets in Singapore, noted that the weakened growth suggests more economic support will be needed to achieve the government's 5% annual growth target. Lynn Song, Chief Economist for Greater China at ING, highlighted persistent drags from the property sector and subdued consumer spending as significant obstacles to recovery.

(With inputs from agencies.)