Chinese economy missed GDP growth expectations in 3Q2021
Chinese gross domestic product grew 4.9% in the third quarter.
Chinese gross domestic product grew 4.9% in the third quarter from a year ago, the National Bureau of Statistics said Monday.
Industrial production rose by 3.1% in September.
Fixed asset investment for the first three quarters of the year came in weaker than expected, data from the National Bureau of Statistics showed. It was up 7.3% from a year ago compared to the expected 7.9% figure.
Real estate and related industries account for about a quarter of China’s GDP, according to Moody’s estimates. In the last 18 months, Beijing has increased its efforts to reduce developers’ reliance on debt.
China's economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages and wobbles in the property sector, highlighting the challenge facing policymakers as they seek to prop up a faltering recovery while reining in the real estate sector.