China's economy grows 0.4% in June quarter, set to miss fiscal target

China's economy logged a 2.5 per cent YoY growth in the first half of 2022, official data showed on Friday

China’s economy grew at the slowest pace since the country was first hit by the coronavirus outbreak two years ago, making Beijing’s growth target for the year increasingly unattainable as economists downgrade their forecasts further.

The 0.4 per cent expansion in gross domestic product reported for the three months to June, when dozens of cities including Shanghai and Changchun imposed lockdowns, was the second weakest ever recorded. Goldman Sachs Group Inc. promptly cut its full-year growth forecast to 3.3 per cent, saying the figures suggest Covid lockdowns last quarter took a heavier-than-expected toll on the economy. 

The slowdown means Beijing will miss