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China’s third-quarter economic growth plummets to 4.9%

Workers in production at a factory in Beijing last week.


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Beijing — China’s economy grew 4.9% year-on-year in the third quarter, significantly slowing from 7.9% growth in the previous quarter. This is because power shortages and supply chain issues have been added to Beijing’s real estate and technology restraint efforts. Sector.

Many economists predicted that China’s year-on-year growth would tend to decline in the second half of 2021, based in part on statistical comparisons with last year, but the magnitude of the slowdown in the third quarter was greater than expected. It fell sharply below 5.1%. Growth forecasts by economists surveyed by The Wall Street Journal last week.

Gross domestic product growth is slower than expected, reflecting a number of factors, including the decision of policy makers to ease the stimulus package enacted shortly after last year’s pandemic. Technology, private education, crackdowns on the real estate sector. Energy snuff Partially caused by soaring coal prices and more aggressive energy targets.When Supply chain disruption This is due to the occurrence of Covid-19, lack of semiconductors, and port shutdown.

Compared to the second quarter, China’s GDP rose by only 0.2% in the three months to September 30, according to data released by the National Bureau of Statistics on Monday. China’s GDP in the second quarter increased 1.3% from the previous quarter.

Despite the slowdown in the third quarter, economists are generally confident that the Chinese economy will be able to reach the senior leader’s annual GDP growth target set in March at 6% or higher.

China’s GDP increased 9.8% year-on-year during the first nine months of this year, according to the Statistics Bureau.

Write in Jonathan Chen jonathan.cheng@wsj.com

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China’s third-quarter economic growth plummets to 4.9%

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