China’s economy grew at a slower-than-expected 4.6 percent rate in the July-September quarter. According to the latest data released by the government on Friday, the annual growth of the world’s second largest economy is slowing down.
It grew at a slower-than-expected 4.6 percent rate in the July-September quarter, falling short of the official target of “around five percent” growth set for 2024. Despite a “complex and severe external environment” and complex domestic economic growth, the economy is “making generally stable and steady progress,” the National Bureau of Statistics said in a statement.
The economy remains sluggish despite restrictions related to the COVID-19 pandemic being lifted at the end of 2022. Consumer confidence is low and the real estate market remains a drag on the economy. China’s growth rate in the first three quarters of the year was 4.8 percent.
On a quarter-on-quarter basis, the economy grew 0.9 percent in the quarter ended September, compared to 0.7 percent growth in the previous quarter. China’s factory output rose 5.8 percent in the first three quarters, while retail sales rose 3.3 percent compared with the same period last year.
However, property investment declined by 10.1 per cent and the value of new home sales declined by 22.7 per cent, reflecting a weak trend in the housing sector. Earlier this week, China had reported that its exports had declined significantly in September, increasing by only 2.4 percent compared to last year. There was an increase of 8.7 percent in August on an annual basis. Imports also remained weak and grew by only 0.3 percent, which was lower than expected.
