China's economy grew 4.3% in Q2, below the 5% pace and the annual target range. Oversupply and weak domestic demand weigh, but the tech sector's progress continues with the Long March 10B test.
China's economy grew 4.3% in the quarter through June from a year earlier, official data showed, missing the 5% pace of the prior quarter and the lower end of the government's annual target of 4.5-5%. The slowdown is the most pronounced since the pandemic-era disruptions and reflects a set of structural drags.
Oversupply, visible in persistently weak producer prices, and soft domestic consumption are the main weights. Export markets are reaching saturation in many regions, yet trade reliance remains high. The domestic consumer has not stepped in to absorb the excess industrial capacity.
Despite the economic deceleration, China's tech catch-up with the United States continues. The successful test of the Long March 10B reusable rocket, using an innovative landing cradle, marked a step forward in the country's space ambitions. The data suggest that slower GDP growth is not translating into a slower technology trajectory.
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