China economic growth falls sharply, missing target

China's economic growth slowed sharply between the start of April and end of June as weak domestic demand and the Iran war's impact on oil prices overshadowed the country's strong exports. Official gross domestic product (GDP) figures showed the world's second largest economy grew in the second quarter by 4.3%, below Beijing's annual target, and after a 5% rise in the first quarter. It comes a day after separate data showed China's exports had jumped by 27% in June compared to a year earlier. In March, China cut the growth target to a range of 4.5%-5%, its lowest economic expansion goal since 1991, a move some analysts say has given Beijing space to acknowledge pre-existing economic weakness. The announcement represents the first full quarter of GDP data since the start of the Iran war on 28 February and marks the lowest quarterly expansion since the end of 2022, as China was emerging from its strict Covid-19 restrictions. "There are more external instability and uncertainty factors," China's National Bureau of Statistics said in a release accompanying the figures. It also noted an imbalance between strong supply and weak demand in the domestic economy. Separate data released on We