China's economic growth is in worse shape than widely reported, with even official figures suggesting a troubling slowdown. The 4.3% year-on-year GDP growth for the April-June quarter, as reported by Beijing's statisticians, falls below the Communist Party's own lowest annual projection of 4.5% to 5%.

This downward revision marks the most pessimistic target set by the Party since the 1990s, indicating significant economic challenges. Given the historical tendency for China's economic data to be adjusted for political purposes, the actual situation is likely even more severe than these already disappointing numbers suggest.

The fact that the Communist Party itself cannot claim economic progress is proceeding as planned is a strong indicator of underlying issues.