Beijing: China’s economy grows at speeds no later than a year in the third quarter, injured by lack of power, supply congestion and sporadic Covid-19 outbreaks and increases heat in policy makers in the midst of the property sector.
The data released on Monday showed Gross Domestic Product (GDP) grew 4.9% in July-September from the previous step, the weakest step since the third quarter of 2020 and slowed from 7.9% in the second quarter.
It marked a further slowdown from the expansion of 18.3% in the first quarter, when the year-to-year growth rate was very flattered by a very low comparison seen during the initial decline of 2020 years.
Reuters analyst polls have expected GDP to increase 5.2% in the third quarter.
Quarterly, growth fell to 0.2% in July-September from 1.2% which was revised down in the second quarter, data showed.
The second largest economy in the world has rebounded from a pandemic but the recovery of steam loss, was weighed with faltering factory activities, continuous consumption and the property sector that slowed as a bit bit policy bit.
“Responding to the ugly growth figures we expected in the coming months, we think policy makers will take more steps to sustain growth, including ensuring sufficient liquidity in the interbank market, accelerating infrastructure development and soothing several aspects of credit and real estate policies Overall, “said Louis Kuijs, the Head of the Asian Economy at Oxford Economics.
Global concerns about the possibility of a lowly credit risk of the China property sector into a wider economy also increased as the main developer of China Evergrande Group grappling with more than $ 300 billion in debt.
Chinese leaders, afraid that persistent property bubbles can damage the country’s long-term ascent, it is likely to maintain a difficult sidewalk in this sector even when the economy slows down, but can soften some tactics as needed, analysts and analysts said.
Premier Li Keqiang said on Thursday that China had sufficient tools to overcome economic challenges despite slowing growth, and the government was convinced to achieve developmental objectives a year surveyed by Reuters expected to ratio of bank reserve requirements (RRR) unchanged in the fourth quarter, Before giving another 50-base points in the first quarter of 2022.
September industry output rose 3.1% from the previous year, lost hope and dropped from 5.3%.
Retail sales grew 4.4% in September, up from 2.5% in August.