"China's Economic Growth Slows Due to Weak Retail Spending"

China's economic growth slowed to 4.7% in the second quarter, below the expected 5.1%, due to weak retail spending and falling house prices. Retail sales growth hit an 18-month low, reflecting low consumer confidence. Despite increased infrastructure investment and strong export growth, the property market remains a significant drag on the economy. Analysts believe achieving the government's 5% growth target for 2024 will be challenging without significant policy measures.