China's economic growth slowed down in the second quarter of 2024, but it still reached 5.3% year-on-year, according to the National Bureau of Statistics. This marks a slight deceleration from the previous quarter's 5.5% growth. Key areas impacting this slowdown include a weaker-than-expected performance in the property sector, ongoing challenges in the manufacturing sector, and a softening in consumer spending. Despite these headwinds, China's industrial production and retail sales showed relatively strong performance, indicating resilience in certain parts of the economy. Analysts are watching closely for signs of a rebound in the coming months.

The government is taking measures to support economic recovery, focusing on stabilizing the property market, boosting domestic consumption, and promoting high-quality development. These initiatives include easing financial constraints for developers, encouraging infrastructure investment, and implementing policies to stimulate consumer confidence. The focus is on achieving a balanced economic growth that is sustainable and resilient, while also addressing structural issues like excess capacity and regional disparities. China's commitment to these measures suggests a proactive approach to navigate the economic challenges and maintain long-term growth.