China's GDP grew 6.3% compared to the same period last year, but it only increased by 0.8% compared to the previous quarter. China's lower growth rate was attributed to a decline in exports' dollar value and a weakening property market, while nominal growth indicated falling prices for goods and services. Beijing's reluctance to implement further stimulus measures might indicate confidence in the ongoing economic recovery and concerns about potential negative impacts on state-owned banks' profitability and financial discipline among local governments. While the labor market has shown positive signs with job creation in service industries, weak growth could lead to increased unemployment. In such a scenario, the government may be compelled to take further action to revive the economy and bridge the gap between economic performance and its targets.