China Q2 GDP Misses Forecasts, Consumption Shift Flags Slower Growth: Rabobank

China's economic growth fell short of consensus in the second quarter, according to Rabobank macro strategist Teeuwe Mevissen. The miss was driven by continuing headwinds from soft domestic demand and a deepening real estate crisis.

The bank points to a structural pivot toward consumption as a key drag on the growth outlook. This shift, while part of a long-term rebalancing, is now amplifying near-term weakness.

With the property sector still in distress and household spending cautious, the consumption pivot is expected to keep GDP growth restrained in the coming quarters.