China's economy misses growth forecasts, raising odds of more support for its tepid recovery
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HONG KONG — China's economic growth missed forecasts in the second quarter of the year, adding to worries over surging youth unemployment and a weak property sector and raising the likelihood the government will double down on support for the faltering post-COVID-19 recovery.
The world's second-largest economy grew at a 6.3% annual pace in the April-June quarter, much slower than the 7% plus growth analysts had forecast given the anemic pace of activity the year before.
Unemployment of youths aged 16 to 24 rose to a record 21.3% in June, up from 20.8% the month before.
Investment in property development, a vital driver of both industrial and consumer demand, sank 7.9% in the first half of the year compared to a year earlier in a troubling sign of persisting weakness in an industry that slowed even before the pandemic as the government moved to rein in excessive borrowing.
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Officials have acknowledged that the economy is facing stiff headwinds, but said they expected growth to still reach the ruling Communist Party's official target for this year of about 5%.
The government will adjust policies to stabilize growth, National Bureau of Statistics spokesman Fu Linghui said at a news conference Monday.
Quarterly growth, the usual measure for other major economies, was 0.8%, according to government data released Monday, in line with expectations but down sharply from 2.2% in January-June.
Analysts have been far less optimistic than the Chinese government about the outlook for the year, given
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