China's economy expanded at a weaker pace in the second quarter hit hard by the strict zero-COVID policy, casting doubt over Beijing's ability to achieve its growth target of around 5.5 percent.
Gross domestic product grew only 0.4 percent on a yearly basis in the second quarter, following the first quarter's 4.8 percent expansion, data from the National Bureau of Statistics revealed Friday. GDP was expected to climb 1.0 percent.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.