BY ELAINE KURTENBACH
BANGKOK (AP) — China’s economy expanded at a slower-than-forecast 4.7% annual rate in the last quarter, the government reported Monday, while emphasizing signs of improvement in factory output, income and investment.
The expansion was sharply below the 5.3% annual pace of growth seen in the first quarter of the year.
The progress this year, after growth slowed sharply during the COVID-19 pandemic, has been “hard won,” the National Bureau of Statistics said.
“Since the beginning of this year, global economic growth momentum has been weak, inflation is sticky, geopolitical conflicts, international trade frictions and other problems have occurred frequently, domestic demand is insufficient, enterprises are under great operating pressure, and there are many risks and hidden dangers in key areas,” it said in a statement.
“There are many difficulties and challenges in promoting the stable operation of the economy,” it said.
Economists say weak consumer demand and
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