Home Business China’s economic growth rate in the third quarter of 4.9% … a clear slowdown

China’s economic growth rate in the third quarter of 4.9% … a clear slowdown

by news dir

China’s economy grew by 4.9% in the third quarter of this year.

The National Bureau of Statistics of China announced on the 18th that the economic growth rate for the third quarter was 4.9%, down from 7.9% in the previous quarter.

The Associated Press analyzed that factory shipments, retail sales, construction investment and growth in other fixed assets all slowed.

In the manufacturing sector, it said that the shortage of key materials in the aftermath of the power shortage and the novel coronavirus acted as a factor undermining growth.

In particular, he said that the factory product shipment rate in September increased by only 0.05%p compared to the previous month, a decrease from the 7.3% growth rate recorded for nine months this year.

It also analyzed that the slowdown in growth in the construction sector, which has created millions of jobs, was mainly attributed to the recent tightening of regulations by Chinese authorities as they judged that construction companies are highly dependent on debt.

Oxford Economics, an international consulting firm, predicted in a report released today that China’s growth rate is likely to slow further.

VOA News

*This article is based on the AP news article.

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