China economy slows as power cuts, property woes and Covid take toll

10/19/21
 
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from CNBC,
10/18/21:

China’s economy grew slower than expected in the third quarter, official data showed on Monday, thanks to power outages, supply bottlenecks, Covid outbreaks, and concerns about the struggling property sector.

Gross domestic product grew 4.9% in the third quarter from a year ago, the National Bureau of Statistics said Monday. That missed expectations for a 5.2% expansion, according to analysts polled by Reuters.

Industrial production rose by 3.1% in September, below the 4.5% expected by Reuters.

“Since entering the third quarter, domestic and overseas risks and challenges have increased,” Fu Linghui, spokesperson for the National Bureau of Statistics, said at a press conference Monday in Mandarin, according to a CNBC translation.

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