China's economic growth slowed down significantly in the second quarter of 2022, with GDP growing at only 0.8% from the previous quarter, according to data released by the National Bureau of Statistics.
This was lower than the 0.5% growth that analysts had expected, and below the 2.2% growth seen in the first quarter.
On a year-on-year basis, GDP expanded 6.3%, up from 4.5% in the first quarter, but still below the forecasted growth rate of 7.3%.
The slowdown in growth is largely attributed to weakening demand both at home and abroad.
China's exports fell by the most in three years, due to declining demand in both domestic and international markets, as well as a prolonged downturn in the property market.
These factors have led many to believe that policymakers will need to take further steps to support the economy.
Despite the recent slowdown, the 6.3% growth rate in the second quarter was still the fastest since the second quarter of 2021, but this was largely due to the economic pains caused by the strict COVID
-19 lockdowns in major cities last year.
The overall momentum of the economy has faltered rapidly, with many analysts predicting that policymakers will need to implement additional stimulus measures to boost growth.
In response to the slowdown, the People's Bank of China has already announced several measures to support the economy, including cutting interest rates and reducing the amount of cash that banks must hold as reserves.
However, it remains to be seen whether these measures will be enough to reverse the downward trend in the world's second-largest economy.