China's Q2 GDP Grows 4.7%, Below Forecast

China's economy expanded 4.7 per cent in the second quarter from a year earlier, official data showed on Monday, missing analysts' expectations, even as policymakers seek to boost domestic demand amid a protracted property downturn.

Analysts polled by Reuters had expected second-quarter gross domestic product (GDP) to expand 5.1 per cent from a year earlier, slowing slightly from 5.3 per cent in the previous three months.

The government is aiming for economic growth of around 5 per cent for 2024, a target that many analysts believe is ambitious and may require more stimulus.

On a quarter-by-quarter basis, GDP expanded 0.7 per cent in April-June, below expectations for a 1.1 per cent rise and compared with a revised 1.5 per cent gain in the previous quarter.

Analysts expect policymakers to take more steps to support the economy amid the property downturn, mounting local government debts and weak private-sector spending.