China's economic growth weakens amid construction slowdown

China’s economic growth sank in the latest quarter a a slowdown in construction and curbs on energy use weighed on its recovery from the coronavirus pandemic

Via AP news wire
Monday 18 October 2021 03:08
China Economy
China Economy

China’s economic growth sank in the latest quarter a a slowdown in construction and curbs on energy use weighed on its recovery from the coronavirus pandemic.

The world’s second-largest economy grew by 4.9% over a year ago in the three months ending in September, down from the previous quarter’s 7.9%, government data showed Monday.

Factory production, retail sales and investment in construction and other fixed assets all weakened.

Construction an industry that supports millions of jobs, has slowed since regulators tightened control last year over borrowing by developers.

One of the biggest, Evergrande Group, is struggling to avoid defaulting on billions of dollars owed to bondholders. That has fueled fears about the health of other developers, though economists say the threat to global financial markets is small.

Manufacturing also was hampered in September by power cuts imposed by some major provinces to avoid exceeding official efficiency goals.

Private sector forecasters have cut their growth outlook this for China though they still expect about 8%, which would be among the world’s strongest.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in