China's economy grew much slower than expected in the second quarter, as a protracted property downturn and job insecurity squeezed domestic demand, keeping alive expectations Beijing will need to unleash even more stimulus, Paralel.Az feports.

The world's second-largest economy grew 4.7% in April-June, official data showed, its slowest since the first quarter of 2023 and missing a 5.1% analysts' forecast in a Reuters poll. It was also down from the 5.3% expansion in the previous quarter.

"Overall, the disappointing GDP data shows that the road to hitting the 5% growth target remains challenging," said Lynn Song, chief economist for Greater China at ING.

"A negative wealth effect from falling property and stock prices, as well as low wage growth amid various industries' cost cutting is dragging consumption and causing a pivot from big ticket purchases toward basic 'eat, drink and play' theme consumption," he added.