China’s economy has “hit the brakes” with Xi Jinping forced to intervene amid sluggish growth. Beijing witnessed its economy stumble in the second quarter, with growth of 4.7 per cent across the three months to June. The figure fell well short of expectations after a particularly strong start to 2024. Xi’s annual growth rate target is around five per cent but the latest figures sent shockwaves through Beijing. Heron Lim, from Moody’s Analytics, said: “China’s economy hit the brakes in the June quarter.” China’s economy is in an increasingly precarious position because of a prolonged property c…