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China economy slows down on Evergrande crisis, power shortage and supply chain disruptions

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China’s latest GDP data has confirmed slowdown in the world’s second-largest economy which was under pressure from a crisis-hit property sector, curbs on energy, and tardy recovery from the COVID-19 pandemic. China’s Gross Domestic Product (GDP) in the third quarter (Q3) grew 4.9 percent year on year, slower than the growth of 18.3 percent in Q1 and 7.9 percent in Q2. The Q3 belied surveys of predicting five percent growth.

The country’s gross domestic product (GDP) expanded 9.8 per cent year-on-year in the first three quarters, putting the average growth for the period in the past two years at 5.2 percent, according to the data released from National Bureau of Statistics (NBS).

Acknowledging the declining trend of the economy, state-run Global Times in its report on Q3 data said China’s economic slowdown in the third quarter not only came amid a lower base effect from last year when the pandemic was largely controlled throughout the country, but also amid a range of economic challenges that China is facing now, such as the power crunch and supply chain issues.

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