China’s economy grew by 6.3% in the second quarter of 2023

China’s economy grew in the second quarter of 2023 by 6.3%, against expectations of 7.3%.

On a quarterly basis, the Chinese economy grew by 0.8% in the second quarter, slowing down from 2.2% levels, but it came better than expectations that indicated a growth of 0.5%.

A spokesman for the National Bureau of Statistics, Fu Lingwei, pointed out that China is facing a complex international geopolitical and economic environment, and said that China can still achieve the growth target for the whole year, as Beijing set in March a growth target of about 5% for the year 2023.

Retail sales for the month of June rose 3.1%, slightly below expectations of 3.2%, as restaurant, sports and leisure sales, along with alcohol and tobacco, rose the most.

Automotive, office products and daily-use goods saw sales decline in June from a year ago, and online sales of physical goods grew 6.7% in June over a year ago.

Industrial production for the month of June rose 4.4% from a year earlier, better than the forecast of 2.7%.

Fixed asset investment rose for the first half of the year by 3.8%, better than expected by 3.5% within fixed asset investment, real estate fell more year-on-year in June than it did in May.

Investment in manufacturing grew at a steady pace, while growth in investment in infrastructure slowed.