{"id":3007,"date":"2021-10-18T03:56:26","date_gmt":"2021-10-18T03:56:26","guid":{"rendered":"https:\/\/amnewsworld.com\/?p=3007"},"modified":"2021-10-18T03:56:26","modified_gmt":"2021-10-18T03:56:26","slug":"chinas-economy-slows-as-covid-energy-crisis-and-property-woes-take-toll","status":"publish","type":"post","link":"https:\/\/www.amnewsworld.com\/fi\/chinas-economy-slows-as-covid-energy-crisis-and-property-woes-take-toll\/","title":{"rendered":"China’s economy slows as covid, energy crisis and property woes take toll"},"content":{"rendered":"

China’s economic growth tumbled more than expected in the third quarter, official data showed Monday, as the property sector struggled with tighter policy measures and an energy crisis loomed.<\/strong><\/p>\n

After a swift coronavirus<\/a> bounceback, recovery in the world’s second-biggest economy<\/a> is losing steam, with gross domestic product growth coming in at 4.9 percent on-year, said the National Bureau of Statistics (NBS), citing an “unstable and uneven” domestic rebound.<\/p>\n

The latest figure disappointed expectations of 5.0 percent growth predicted by analysts polled by AFP, and was a sharp three percentage points down from the 7.9 percent expansion in the April to June period.<\/p>\n

“We must note that current international environment uncertainties are mounting and the domestic economic recovery is still unstable and uneven,”\u00a0NBS spokesman Fu Linghui said Monday.<\/p>\n

But GDP for the third quarter rose 0.2 percent over the three months before that, authorities added.<\/p>\n

Meanwhile, industrial production growth slowed further to 3.1 percent on-year in September.<\/p>\n

“Growth was dragged down by a slowdown in real estate, amplified recently by spillover from Evergrande’s travails,” said Oxford Economics’ head of Asia economics Louis Kuijs.<\/p>\n

The struggles of property giant Evergrande — under a mountain of debt worth more than $300 billion — have been weighing on sentiment among prospective buyers.<\/p>\n

Kuijs noted there was an “additional hit in September” from electricity shortages and production cuts due to strict implementation of climate and safety targets by local governments.<\/p>\n

He added that the damage was visible in the slowdown of industrial output.<\/p>\n

Power rationing in recent weeks, along with surging raw material costs and the government’s climate push, has led to reduced mining and manufacturing activity.<\/p>\n

But retail sales picked up to 4.4 percent — improving from 2.5 percent in August — with fewer virus containment measures in China, which has imposed swift local lockdowns over a handful of cases.<\/p>\n

The urban unemployment rate was 4.9 percent last month.<\/p>\n

The Chinese government is trying to recalibrate the economy to one driven by consumers and away from investment and exports.<\/p>\n

But officials presently have to walk a fine line between supporting growth and keeping a lid on inflation, with factory-gate prices rising at their fastest rate in a quarter of a century.<\/p>\n

Despite still-strong foreign demand, factors such as extreme weather and virus outbreaks — on top of energy shortages and the cooling housing market — have all weighed on China<\/a>‘s economy, analysts said.<\/p>\n

AMN\/AFP\/Report.<\/strong><\/em><\/p>","protected":false},"excerpt":{"rendered":"

China’s economic growth tumbled more than expected in the third quarter, official data showed Monday, as the property sector struggled with tighter policy measures and an energy crisis loomed. After a swift coronavirus bounceback, recovery in the world’s second-biggest economy is losing steam, with gross domestic product growth coming in at 4.9 percent on-year, said<\/p>","protected":false},"author":1,"featured_media":3008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_1160854738579181570_1160854738579181570":"","facebook_3558452337540614_100649324928663":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[26,16,23],"tags":[],"class_list":{"0":"post-3007","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-asia","8":"category-business","9":"category-world-news"},"yoast_head":"\nChina's economy slows as covid, energy crisis and property woes take toll | Amnewsworld<\/title>\n<meta name=\"description\" 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