China's Economy Hits Three-Year Low, Missing Official Target

China's second-quarter GDP grew 4.3% year-on-year, falling below the government's 4.5%-5% target range and missing analyst expectations. The National Bureau of Statistics released the figure on July 15, marking the weakest quarterly reading in three-and-a-half years. The slowdown followed a 5.0% Q1 expansion. First-half growth of 4.7% technically keeps the annual target within reach, but the sharp deceleration raises questions about whether Beijing will maintain its 2026 target or adjust ambitions downward.