In the second quarter, compared to the same period last year, China’s gross domestic product (GDP) increased by 4.3%. Economists had forecasted a 4.5% growth. The growth was the slowest since the fourth quarter of 2022. This figure also did not meet Beijing’s set annual growth target of 4.5–5%, which is the lowest in recent decades.
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Due to a long-standing real estate sector crisis and consistently slow domestic consumption, the country’s leaders are forced to rely on exports to achieve growth targets. However, the US and Israel’s war with Iran threatens this goal, as it disrupts shipping through the Strait of Hormuz – a vital transit route that normally carries about one-fifth of the world’s oil and gas during peacetime.
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