hong kong : The economic condition of India's neighboring country China is currently going through a very difficult phase. Recently, the government released the latest data related to the Chinese economy, according to which it has been revealed that the annual growth of the Chinese economy, which is recognized as the world's second largest economy, has slowed down. China's economy grew at a rate of 4.6 percent in the July-September quarter, below the expected figure.
It grew at a slower-than-expected 4.6 percent rate in the July-September quarter, well below the official target of “around 5 percent” growth set for 2024. Despite a “complex and severe external environment” and difficult domestic economic growth, the economy “is showing generally stable and steady progress,” the National Bureau of Statistics said in a statement.
There was so much growth in the last quarter
The economy remains sluggish despite restrictions related to the COVID-19 global 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.
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Weak in residential sector
China's factory output rose 5.8 percent in the first three quarters, while retail sales rose 3.3 percent compared with the same time 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 residential sector.
Exports decreased in September
Earlier this week, China had said that there was a significant decline in its exports in September, which increased 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 much lower than expected.
(with agency input)
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