China’s economy lost momentum in the second quarter

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China’s economy lost momentum in the second quarter, with GDP falling 0.8 percent from the previous three months as declining exports, weak retail sales and a dying property sector weighed on growth.

The difficulties facing the world’s second-largest economy will put further pressure on global growth and raise calls for Beijing to do more to boost confidence after China abandoned strict COVID-19 controls more than six months ago.

The second quarter growth rate compares with a 2.2 per cent quarter-on-quarter expansion in the January-March period. On a year-on-year basis, the economy grew 6.3 percent in the second quarter due to a lower base effect last year when major cities including Shanghai were locked down for extended periods.

Unemployment among youth aged 16 to 24 reached a new high of 21.3 percent in the second quarter.