China growth slowed to 5% in Q3—AFP survey

china growth slowed to 5 in q3 afp survey

Sumary of China growth slowed to 5% in Q3—AFP survey:

  • Beijing—China’s economic growth is expected to have slowed further in the third quarter, according to an AFP poll of analysts, with a mounting energy crisis and property market tremors casting a pall as the country’s post-COVID recovery lost steam.
  • A general view shows the Lujiazui financial district in Shanghai on October 9, 2021. AFP While the world’s number-two economy bounced back quickly from the coronavirus outbreak last year, with gross domestic product growth returning to pre-pandemic levels, economists say further slowdown is “inevitable.
  • ” Growth is forecast to come in at 5.0 percent on-year for July-September by the 12 analysts polled by AFP, representing a sharp slowdown from the 7.9 percent clocked in the previous three months.
  • They also downgraded their full-year growth expectations to 8.1 percent, from the 8.5 percent predicted in a July poll.
  • Analysts said China’s growth slowdown mainly stems from policy tightening this year in key areas including the property sector and a drive to cut emissions.
  • Christina Zhu, of Moody’s Analytics, said a slowdown in property investment and house prices could hit growth as real estate investment accounts for a large share of fixed asset investment, which she said accounts for more than 40 percent of total GDP.
  • Power rationing in recent weeks, along with surging raw material costs and the government’s climate push, have led to reduced mining activities and manufacturing production.
  • Such disruptions “will not only put pressure on (the) domestic labor market and consumption, but also have ripple effects on global trade and prices,” Zhu warned.

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