China's economic expansion slumped in the second quarter to levels not seen since early 2020, an AFP poll of analysts found.
A customer buying watermelon at a supermarket in Shenyang in China's northeastern Liaoning province.BEIJING - China's economic expansion slumped in the second quarter to levels not seen since early 2020, an AFP poll of analysts found, owing to painful Covid lockdowns and lingering weakness in the real estate sector.
Gross domestic product is estimated to have expanded 1.6 percent on-year in April-June, according to the AFP poll of experts from 12 financial institutions. China's property sector, an important economic driver, was also"still in limbo", while lockdowns have severely hit supply and demand, he told AFP.
Economists have long questioned the accuracy of official Chinese data, suspecting that figures are massaged for political reasons. "Rhetorically, policymakers are unlikely to drop the name of 'zero-Covid' any time soon. That said, they could still redefine 'zero-Covid' to make it less and less disruptive to the economy," he added.
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