This is the second quarter in a row that China’s official measure of economic growth has fallen below the 5% target, which will add to government concerns.
Earlier on Friday, China’s central bank said it had called on banks and other financial institutions to boost lending to help support growth.
Last month, the People’s Bank of China (PBOC) announced the country’s biggest stimulus package since the pandemic, including large cuts to interest and mortgage rates.
The plans also included help for the flagging stock market and measures to encourage banks to lend more to businesses and individuals.
Since then, the Ministry of Finance and other government bodies have unveiled further plans aimed at boosting economic growth.
The world’s second largest economy has been hit by a number of challenges, including a property crisis, as well as weak consumer and business confidence.
Source:
www.bbc.com
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