China has reported that its economy expanded at a slower-than-forecast 4.7% annual rate in the last quarter. That was sharply below the 5.3% annual pace of growth seen in the first quarter of the year. Economists say weak consumer demand and reduced government spending are dragging on growth. The economy grew at a 5% pace in the first half of the year, at the government's target of around 5% growth. The update on the state of the economy came as leaders of the ruling Communist Party gathered for a once-a-decade conclave to set economic policy that was expected to focus on self-sufficient strategies for growth in an era of tensions over trade and technology.
