China growth slows further in third quarter

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MessaggioInviato: Lun Ott 18, 2021 5:18 am    Oggetto: China growth slows further in third quarter
China's economic growth slowed more than expected in the third quarter, official data showed Monday, as a crackdown on the property sector and a looming energy crisis began to bite.After a swift coronavirus bounceback, recovery in the world's second-biggest economy is losing steam, with gross domestic product expanding 4.9 percent on-year, said the National Bureau of Statistics (NBS), citing an "unstable and uneven" domestic rebound.

The reading was just short joker123 of the 5.0 percent tipped by analysts polled by AFP -- and was a sharp three percentage points off the April -June performance.NBS spokesman Fu Linghui told reporters Monday that "current international environment uncertainties are mounting and the domestic economic recovery is still unstable and uneven."
The economy grew just 0.2 percent from the previous three months.
"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.

The struggles of property giant China Evergrande -- which is drowning in more than $300 billion of debt -- has battered sentiment among prospective buyers.

A government regulatory clampdown on the real estate sector -- particularly the tightening of lending rules -- has dealt a severe blow to a crucial driver of economic growth, with a knock-on effect for other parts industries including construction.
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