China's Economic Growth Slows Amid Key Communist Party Meeting

China's economy experienced slower-than-expected growth in the second quarter, with official statistics showing a 4.7% increase from April to June. This is down from the 5.3% growth rate in the previous quarter and below the predicted 5.1% rate by economists. The property sector continued to decline, with new commercial building sales dropping 25% in the first half of 2024. President Xi Jinping announced that the Communist Party was planning "major" reforms, but no details were provided. The party's four-day meeting, known as the Third Plenum, is set to begin on Monday and will likely outline a strategy for self-sufficient economic growth. Business owners and investors are waiting to see if the party will announce any immediate measures to address the prolonged real estate downturn.