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| China’s GDP growth slumps as real estate and energy crises take toll | China’s GDP growth slumps as real estate and energy crises take toll |
| (about 7 hours later) | |
| The Chinese economy grew by 4.9% from July to September compared to the previous year – its weakest pace since the third quarter of 2020, data published by the National Bureau of Statistics (NBS) on Monday shows. | The Chinese economy grew by 4.9% from July to September compared to the previous year – its weakest pace since the third quarter of 2020, data published by the National Bureau of Statistics (NBS) on Monday shows. |
| It represents a significant slowdown from the 7.9% reported in the second quarter of the current year, and a further decline from the 18.3% expansion registered in January to March. | It represents a significant slowdown from the 7.9% reported in the second quarter of the current year, and a further decline from the 18.3% expansion registered in January to March. |
| The modest growth misses the median forecast of 5% in a Reuters survey of economists. Industrial production grew 3.1% in September, below the 4.5% projected by Reuters’ survey. Retail sales were reportedly up 4.4% in September from a year ago. | The modest growth misses the median forecast of 5% in a Reuters survey of economists. Industrial production grew 3.1% in September, below the 4.5% projected by Reuters’ survey. Retail sales were reportedly up 4.4% in September from a year ago. |
| “Since entering the third quarter, domestic and overseas risks and challenges have increased,” Fu Linghui, a spokesperson for the bureau, told journalists, stressing that the nation’s economic recovery was still unstable and uneven. | “Since entering the third quarter, domestic and overseas risks and challenges have increased,” Fu Linghui, a spokesperson for the bureau, told journalists, stressing that the nation’s economic recovery was still unstable and uneven. |
| One of the major factors weighing on the Chinese economy is the country’s real-estate crisis triggered by Beijing’s tighter restrictions on the property market in response to the worsening debt crisis of major developers like the Evergrande Group. | One of the major factors weighing on the Chinese economy is the country’s real-estate crisis triggered by Beijing’s tighter restrictions on the property market in response to the worsening debt crisis of major developers like the Evergrande Group. |
| Moreover, the global energy crisis reportedly had a dramatic impact on China’s industrial sector, while consumer spending was dragged down by strict measures to tackle sporadic coronavirus outbreaks. | Moreover, the global energy crisis reportedly had a dramatic impact on China’s industrial sector, while consumer spending was dragged down by strict measures to tackle sporadic coronavirus outbreaks. |
| On Sunday, People’s Bank of China Governor Yi Gang said the recovery remained intact, even though growth momentum has “moderated somewhat.” He expects the economy to expand by 8% in 2021, higher than Beijing’s modest target of above 6%. | On Sunday, People’s Bank of China Governor Yi Gang said the recovery remained intact, even though growth momentum has “moderated somewhat.” He expects the economy to expand by 8% in 2021, higher than Beijing’s modest target of above 6%. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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