China's economy grew 4.3 percent in the second quarter, below Beijing's target

China's gross domestic product grew 4.3 percent in the second quarter from a year earlier, the National Bureau of Statistics reported on Wednesday. Anniek Bao at CNBC reported the data. Growth slowed from 5 percent in the first quarter and came in under Beijing's full-year target range of 4.5 to 5 percent. Economists polled by Reuters had forecast 4.5 percent.

It was the weakest quarterly reading since the fourth quarter of 2022. Urban fixed-asset investment fell 5.7 percent in the first six months from a year earlier, against a forecast 4.9 percent drop. Real estate investment fell 18 percent. Retail sales rose 1 percent in June, after a 0.6 percent decline in May. Industrial output rose 5.3 percent, up from 4.5 percent.