July 17, 2023

Chinese officials said on Monday China's economy expanded by 6.3 percent year-on-year in the second quarter of 2023, as they sought to project confidence in the overall positive recovery trend, while also acknowledging challenges from a complex global political and economic situation and an "unsolid" foundation for continued recovery and development.

The second quarter growth rate fell short of relatively high forecasts from some overseas and domestic institutes, prompting questions about the recovery momentum of the world's second-largest economy and even grim predictions for future growth.

However, Chinese officials and analysts maintained that the growth rate is hard-won given downward pressure globally and domestically and the absence of broad-based stimulus, and that while challenges remain, China has plenty of policy tools at its disposal to ensure the recovery continues to pick up pace and the full-year target is met. 

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