Antenna view of coal being unloaded from a freighter in the port of Lianyungang on 14 Oct. 2021 in Lianyungang, Jiangsu Province of China.
Wang Jianmin | Visual China Group | Getty Images
BEIJING — China’s third quarter GDP grew met a disappointing 4.9% as industrial activity grew less than expected in September.
The National Bureau of Statistics said Monday that gross domestic product met 4.9% grew in the third quarter of a year past. That missed the expectations for a growth of 5.2%, according to analysts polled by Reuters.
Industrial production rose met 3.1% in September, below the 4.5% die Reuters expected.
“Since entering the third quarter, domestic and overseas risks and challenges have increased,” Fu Linghui, spokesman for the National Office of Statistics, said Monday at a press conference in Mandarin, according to a CNBC translation.
The power shortage had a “certain impact” on normal production, Fu said, but he added that the economic impact is “manageable”.
Many factories had to stop production in end of september like a wave in the price of coal and a shortage of electricity prompted local authorities to shut down abruptly off power. the central government has since stressed that it will boost coal supplies and ensure the availability of electricity.
Monday release dates also showed that companies were less willing to convert money go inside future projects.
Created asset investment for the first three quarters of the year came in weaker than expected, National Bureau data of Statistics showed. It was up 7.3% of a year ago compared met the expected figure of 7.9%.
“Investment business is understated as a result of the tight credit conditions,” said Chaoping Zhu, global market strategist at JP Morgan Asset Management.
Zhu estimated that fixed asset investment declined met 2.5% in September from a year ago, mainly towed down met 3.5% drop in real investment in property.
Real Estate and Related Sectors Account for over An quarter of China’s GDP, according to Moody’s estimates. In the last For 18 months, Beijing has stepped up its efforts to: reduce developers’ to trust’ on debt.
The struggles of huge developer Evergrande came to the fore in August, when the company warned of default and subsequently missed payments to investors in are offshore USA dollar-denominated debt. China’s Central bank said Friday that Evergrande is a unique case and that most developers had stable operations.
On Monday, the statistics bureau’s Fu noted there was a delay in the contribution of the real real estate sector to the economy in the third quarter.
But he maintained that the impact on the overall growth was limited.
The latest data showed consumer spending held up, despite pockets of coronavirus-related restrictions, and a fourth month in a row decline in auto sale.
Retail sales exceeded expectations, rising 4.4% in September from a year past. The Reuters poll had predicted 3.3% growth.
The urban unemployment rate in Sept was 4.9%. However, that for those aged 16 to 24 stayed far away higher, at 14.6%.
“About the Regulation” side, we think that the authorities pace and intensity of the regulatory campaign in order to complete important economic and social development goals set for this year and the next 5-10 years,” he said. “Officials can communicate better with the market over the motives behind the regulatory push and telegraph future regulatory hot spots, in U.S view.”
— Yen Nee Lee of CNBC contributed to this report.
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