China’s economy recorded slower-than-expected growth in the third quarter as the country grapples with a worsening energy crisis and property woes. The latest data released by China’s National Bureau of Statistics (NBS) on Oct. 18 showed the year-on-year gross domestic product (GDP) growth in the third quarter hit a year low at 4.9 percent, slowing from 7.9 percent in the second quarter. The world’s second-largest economy had staged a much-touted rebound from last year’s pandemic slump, but the recovery has lost steam from the blistering 18.3 percent growth clocked in the first quarter. Many analysts had revised down their projections for China’s economic growth this year due to concerns about risks arising from debt-saddled Evergrande, power cuts, supply chain disruptions, and regulatory crackdowns on sectors from tech to property. However, the slowdown in the July to September quarter is still sharper than expected. NBS spokesperson Fu Linghui, during the Monday …
China’s Third-Quarter Economic Growth Slows to 4.9 Percent Amid Power Crunch, Property Woes
October 18, 2021
admin
0 Comment