China’s economic growth slows, as key economic meeting begins

China’s economic growth missed forecasts by a wide margin, slowing to an annual rate of 4.7%.

The underwhelming figures highlighted Beijing’s failure to boost domestic consumer spending ahead of a key meeting which kicked off today, where Chinese Communist Party leaders will chart the country’s economic path.

Although officials have vowed to prioritize “high-quality development” in areas such as electric vehicles and artificial intelligence, a ballooning debt burden — including as much as $11 trillion in off-the-books borrowing — may put that at risk. Now, debt-fueled growth looks “illusory and suggests China’s future is far from assured,” The Wall Street Journal reported.