A ‘Complicated and Severe Environment’ Hits China’s Economic Growth. How Bad Is It?

A ‘Complicated and Severe Environment’ Hits China’s Economic Growth. How Bad Is It?
·2 min read

China’s gross domestic product rose less than expected in the third quarter of the year, as government action to curb debt in the property sector and power cuts ordered by authorities to deal with the energy crisis took their toll on the economy. GDP increased by 4.9% in the three months ended in September compared with the same period of 2020, China’s National Bureau of Statistics said Monday. Measures taken in the past year to curb the property sector’s high debt levels and limit mortgage lending have notably reduced new building construction, which declined for the sixth straight month in September.

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