Fortune· 1h ago· 1 min read
China's economy grew just 4.3% in the second quarter, the slowest pace since the end of the pandemic and short of Beijing's own target. Look under the hood, however, and the issue looks more like a consumption problem: retail sales rose a mere 1.0% in June, even as exports jumped 27% in dollar terms and industrial output grew 5.3% .
The world’s second-largest economy looks like it’s running at two speeds: An export-focused manufacturing sector that’s feeding global hunger for electronics and semiconductors, and a weaker domestic economy beset by sluggish sales, a property sector bust, and “involution,” China’s term for fierce, margin-suppressing competition.
“There's remarkable resilience and bright spots in manufacturing and exports, and softness in consumption and fixed asset investment,” said Carol Liao, Greater China chair for Boston Consulting Group. “That's been the pattern for…
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