The slowdown in China’s economy is a result of several factors, including:

* **Weakening consumer confidence:** Consumers are becoming increasingly cautious about spending due to concerns about job security and economic uncertainty. This is evident in the declining retail sales figures and the rise in consumer debt. * **Slowing industrial activity:** Manufacturing output has been declining for several months, indicating a slowdown in production and investment. This is attributed to weak demand both domestically and internationally.

This growth was driven by a surge in demand for durable goods, particularly in the consumer electronics sector. The rise in durable goods demand is attributed to several factors, including the pent-up demand from the pandemic, the easing of supply chain constraints, and the growing popularity of online shopping. For instance, the surge in demand for smartphones and laptops has been particularly notable.