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A man walks in the Central Business District on a rainy day in Beijing, China.

REUTERS/Thomas Peter

We need to talk about China’s economy

China's economy grew a measly 0.8% in the second quarter compared to the first three months of the year, the government announced Monday. Quarterly GDP expanded by a healthier 6.3% from 2022, but that was when the world's second-largest economy was still being walloped by strict COVID lockdowns that sent global supply chains into a tizzy and made economic activity grind to a halt.

After he finally scrapped his zero-COVID policy late last year, Xi Jinping was confident that the Chinese economy would rebound quickly. But following a short uptick right after restrictions were lifted, China's GDP growth has been lagging.

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A woman passes by a giant monitor showing the "Two Sessions" in Beijing, China.

Ichiro Ohara/The Yomiuri Shimbun via Reuters Connect

Why is China’s economic growth target so meh?

Dissecting an annual GDP growth target is what economics nerds dream of. For the rest of us, it's instant melatonin.

But if that target comes from the world's most populous nation, second-largest economy, and top exporter, perhaps you should pay attention.

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