China's Economy Posts Weakest Growth Since Late 2022 Amid Uneven Recovery

China's economy grew at its slowest annual pace since the fourth quarter of 2022 as weak domestic demand and a prolonged property downturn continued to weigh on growth. Gross domestic product grew 4.3% year over year in the second quarter, down from 5% in the first quarter, according to data released by the National Bureau of Statistics on Wednesday. The headline reading missed the consensus market forecast for 4.5% growth, as tracked by Investing.com. On a seasonally adjusted quarterly basis, gross domestic product expanded 0.9%, matching market expectations but easing from 1.3% growth in the previous quarter. Industrial production rose 5.3% year over year in June, accelerating from 4.5% in May and exceeding the 4.7% consensus forecast. Retail sales increased 1% from a year earlier in June, rebounding from a 0.6% decline in May and beating expectations for a 0.1% contraction, suggesting consumer spending showed signs of improvement. However, fixed asset investment fell 5.7% in the first six months of the year, compared with market expectations for a 5% decline and a 4.1% drop in the January-May period. Property investment remained under pressure, falling 18% in the first.