China GDP disappoints, third-quarter growth slows to 4.9%

Aerial view of coal being unloaded from a cargo ship at Lianyungang port on Oct. 14, 2021 in Lianyungang, Jiangsu Province of China.

Wang Jianmin | Visible China Group | Getty Pictures

BEIJING — China’s third-quarter GDP grew a disappointing 4.9% as industrial exercise rose lower than anticipated in September.

The Nationwide Bureau of Statistics stated Monday that gross home product grew 4.9% within the third quarter from a yr in the past. That missed expectations for a 5.2% enlargement, in accordance with analysts polled by Reuters.

Industrial manufacturing rose by 3.1% in September, under the 4.5% anticipated by Reuters. 

“Since coming into the third quarter, home and abroad dangers and challenges have elevated,” Fu Linghui, spokesperson for the Nationwide Bureau of Statistics, stated at a press convention Monday in Mandarin, in accordance with a CNBC translation.

The facility scarcity had a “sure affect” on regular manufacturing, Fu stated, however he added that the financial affect “is controllable.”

Nonetheless, retail gross sales beat expectations, rising 4.4% in September from a yr in the past. The Reuters ballot predicted 3.3% progress.

Fastened asset funding for the primary three quarters of the yr got here in weaker than anticipated, up 7.3% from a yr in the past versus the anticipated 7.9% determine, information from the nationwide bureau confirmed.

The city unemployment fee in September was 4.9%. Nonetheless, that for these aged 16 to 24 remained far larger, at 14.6%.

China’s progress outlook

Learn extra about China from CNBC Professional

“On the regulation aspect, we expect the authorities will higher handle the tempo and depth of the regulatory marketing campaign with the intention to full main financial and social growth targets set for this yr and the following 5-10 years,” he stated. “Officers can higher talk with the market concerning the motives behind the regulatory push and telegraph future regulatory hotspots, in our view.”

— CNBC’s Yen Nee Lee contributed to this report.

That is breaking information. Please test again for updates.

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