The economy China's economy grows by 4.7 percent in the second quarter

China's economy has lost momentum. According to the statistics office in Beijing, the second-largest economy still grew by 4.7 percent in the second quarter.

This is less than most analysts had expected in advance. The figure is also lower than the growth figures for the two previous quarters, when the Chinese economy grew by 5.3 and 5.2 percent.

China has been struggling with a number of economic problems for some time. Consumption is stagnating because many Chinese prefer to save their money for uncertain times. In particular, the ongoing crisis on the real estate market and high unemployment among young people are worrying many families.

The publication of the economic data on Monday coincides with the start of the so-called Third Plenum in Beijing. This important meeting of the Communist Party, which usually only takes place every five years, has often set the course for long-term economic development in the past.

Focus on the modernization of industry

The Third Plenum in 1978, at which far-reaching reforms were introduced that are regarded as the beginning of China's reform and opening-up policy, is historically best known. This time, the meeting is taking place after a significant delay, which had caused unrest in the run-up.

According to business representatives, the four-day meeting would be a good opportunity for Beijing to spread a spirit of optimism and thus give the economy and the markets a tailwind. However, analysts had dampened hopes for short-term impetus in the run-up to the meeting.

SDA