Advertisement
Wednesday, Dec 08, 2021
Outlook.com
Outlook.com

China's Economic Growth Weakens Amid Construction Slowdown

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.

China's Economic Growth Weakens Amid Construction Slowdown
China's Economic Growth Weakens Amid Construction Slowdown
outlookindia.com
2021-10-18T11:56:43+05:30

China's economic growth sank in the latest quarter as 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. 

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Why A Democratic India Must Junk Draconian AFSPA

Why A Democratic India Must Junk Draconian AFSPA

Experts believe the AFSPA has caused more harm to the Indian State in insurgency-hit areas than mitigating problems. Here’s why.

Nagaland Ambush: Not Just AFSPA, It’s Time To Do Away With Most Special Laws

Nagaland Ambush: Not Just AFSPA, It’s Time To Do Away With Most Special Laws

It may be time for India to uphold human dignity, take a hard look at some of its regressive laws like AFSPA which includes Special Laws that authorises detention without trial.

Ashes 2021-22: Australia Start Favourites - Statistical Preview

Ashes 2021-22: Australia Start Favourites - Statistical Preview

The Gabba has been like a fortress for Australia in the Ashes. The Aussies have a 12-4 win-loss record in Brisbane and they will do everything to protect that record.

Why AFSPA In Jammu And Kashmir Is Not Just A Defence Act

Why AFSPA In Jammu And Kashmir Is Not Just A Defence Act

Has the AFSPA become an ideological Act, a tool to revise Kashmir history? Many analysts believe so.

Advertisement