China growth slows down to 4.9% as sluggish realty, power crisis weigh on economy

Asia's Tech News Daily

#Business, #China, #Economy, #Evergrande Group, #GDP, #growth, #property, #world, lower than the median forecast

File photo of Shanghai city (Unsplash)

China’s National Bureau of Statistics (NBS) on October 18 said the country’s GDP growth rate for the third quarter was 4.9 percent, which was lower than the median forecast of 5 percent and far from 7.9 percent recorded a year ago, Bloomberg reported.

The country’s economy slowed down as the Evergrande Group debt crisis spilled over to the property market, halting construction activity, land sales, and sector financing. Another factor was power cuts in September, which forced factories to cut down output or go for a complete shutdown.

Both these crises impacted heavily the steel and cement sectors. Further, the Covid-19 restrictions dragged consumer spending, affecting the growth numbers.

The NBS in also said that economic recovery “remains unbalanced, though China will ensure it can achieve its annual targets”.

Helen Qiao, chief Greater China economist at Bank of America Corporation, told Bloomberg TV that the investment-side demand was “pretty weak”, while the impact of power problems on the supply side was also severe. She added that the fourth-quarter growth would drop to 3-4 percent.

Even prior to the power and real estate slumps, the expectations for growth were slow, but the actual slowdown “surprised economists” and prompted full-year GDP downgrades.

People’s Bank of China Governor Yi Gang forecast that the economy would expand by 8 percent this year, with “moderated” growth. Economists expect targeted monetary and fiscal support with small cut in the central bank’s reserve ratio requirements, the report said.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Switzerland to use 'suicide pod' which promises painless death in 1 minute

The 3-D printed Sarco Pod was created by Australian non-profit organisation Exit International. (Image credit: Exit International) Switzerland has recently legalised the use of Sarco Suicide Pod — a 3D-printed portable coffin-like ... Read more »

Citroen to hike C5 Aircross SUV price by up to 3% from January

Automaker Citroen India on Tuesday said it will increase price of its premium SUV C5 Aircross by up to 3 per cent from January next year to offset the impact ... Read more »

Revealed: how the prices of Christmas dinner favourites have changed this year

Grocery price inflation rose to 3.2% in November, the highest rate since June 2020 - and stripping out figures from the early months of the pandemic it has not been higher since the start of 2018. Read more »

Wadden Sea gas plan lacks proper environmental impact research

Photo: Mark Plomp Stichting Natuurbeelden via Wikimedia Commons More work needs to be done to establish the environmental impact of drilling for natural gas under the Wadden Sea near Ternaard ... Read more »

At least 150 companies in Germany participate in vaccination campaign

Photo: ANP At least 150 companies active in Germany will participate in a major campaign from Tuesday to persuade German residents to get vaccinated. These include large well-known companies and ... Read more »

MapmyIndia IPO: 10 key things you must know before December 9 issue launch

Medplus Health Services IPO CE Info Systems, which owns the brand MapmyIndia, has geared up for floating its maiden public issue on December 9. The company is a leading provider ... Read more »

India says disturbed over sentencing of Aung San Suu Kyi

Source: AP India on Tuesday said it is “disturbed” by the recent verdicts relating to Myanmar’s ousted leader Aung San Suu Kyi and others, saying the rule of law and ... Read more »

India exports 9.39 lakh tonnes of sugar so far this marketing year: AISTA

Sugar mills have exported 9.39 lakh tonnes of the sweetener till the first week of December during the ongoing 2021-22 marketing year that started from October 1, and are not ... Read more »

Shell again in court for soil investigation in South Africa

Photo: ANP Shell faces another legal obstacle to its plans to conduct soil investigations off the coast of South Africa. This time, local communities have sued the oil and gas ... Read more »

Russia fines Google 5 million roubles for not deleting banned content

Russia fined Alphabet’s Google 5 million roubles ($67,190), a Moscow court said on Tuesday, the latest in a string of penalties against the technology giant for failing to delete content ... Read more »

Pria China Ini Nikahi Lagi Eks Istri yang Sakit Keras, Alasannya Bikin Terharu

© Copyright (c) 2016 TEMPO.CO foto TEMPO.CO, Jakarta – Seorang pria berusia 39 tahun di China, Chen Zhenfeng, baru-baru ini menjadi viral di situs media sosial Weibo. Ia memutuskan menikahi ... Read more »

Children's bonus book ‘outsourced' to non Dutch author

Andy Griffiths at an event in New Zealand. Photo: Donna Robertson via Flickr Non-Dutch authors have been commissioned to write the bonus book for next year’s Children’s Book Week for ... Read more »

Buy Dixon; target of Rs 5700: Edelweiss Securities

Edelweiss Securities’ report on Dixon We recently interacted with Mr Sunil Vachani, Executive Chairman at Dixon. Highlights: i) Penetration and imports substitution in categories wherein Dixon has presence offer huge ... Read more »

Will the Omicron variant disrupt the real estate market yet again?

The Omicron variant of the COVID-19 virus has had an unsettling impact on the stock market, with the benchmark BSE Sensex falling 1.65 percent on December 6 before staging a ... Read more »

Meet Vishal Garg. The Better.com CEO who fired 900 employees over Zoom call

Vishal Garg, founder of Better.com (Image credit: LinkedIn) Vishal Garg is the founder and CEO of digital-first homeownership company Better.com. He made headlines recently when he fired 900 employees at ... Read more »

Govt responsible for deadlock in Rajya Sabha: Mallikarjun Kharge

Senior Congress leader Mallikarjun Kharge (File image) Holding the government responsible for the deadlock in the Rajya Sabha, opposition members on Tuesday said they will continue with their joint protests ... Read more »

Insurer ASR wins on higher Damrak

The stock exchange in Amsterdam opened on Tuesday with a significant profit. Concerns about the new Omikron variant of the coronavirus are easing, which is also causing green price signs ... Read more »

McDonald's Canada celebrating APPreciation Day by handing out 50 Million MyMcDonald's Rewards Points

Photo by: McDonald’s Canada Website McDonald's Canada is offering big rewards to its customers through the restaurant's MyMcDonald's Rewards program. The Canadian unit of the American fast-food chain wants to ... Read more »

Samsung names new CEOs, to merge mobile, consumer electronics units

The company remains optimistic for the fourth quarter Samsung Electronics Co Ltd will merge its mobile and consumer electronics divisions, the firm said on Tuesday, naming new co-chief executives in ... Read more »

Buy G R Infraproject; target of Rs 2083: Edelweiss Securities

Edelweiss Securities’ report on G R Infraproject G R Infraprojects (GRIL) is a premier EPC company with a dominant presence in the roads segment. It has been an arduous journey ... Read more »

Volkswagen launches new Tiguan UV tagged at Rs 31.99 lakh

Volkswagen Tiguan will be available as a 5-seater SUV competing with the likes of the Citroen C5 Aircross Volkswagen Passenger Cars on Tuesday launched the facelift version of its five-seater ... Read more »

If Tesla is having supply chain troubles, everyone should worry

Tesla Inc. so far has managed to deftly navigate the supply chain crisis and U.S.–China trade tensions that have hamstrung manufacturers globally. The EV maker’s latest worries show it’s about ... Read more »

Intel plans to take self-driving car unit Mobileye public

Intel Corp said on Monday it plans to take self-driving-car unit Mobileye public in the United States in mid-2022, a deal which could value the Israeli unit at more than ... Read more »

EXPLAINER: Chinese builder's debt struggle rattles investors

1 / 6China DebtResidents wearing masks pass by a sign depicting Evergrande Group’s China operation at a one of their commercial projects in Beijing, China, Tuesday, Dec. 7, 2021. Evergrande ... Read more »

Spinny becomes 42nd unicorn of 2021, raises $283m from ADQ, Tiger Global & others

Niraj Singh, cofounder and CEO of Spinny Online used car retailer Spinny on December 7 said that it has raised $283 million from investors such as Abu Dhabi’s ADQ, and ... Read more »

Rakesh Jhunjhunwala-backed Star Health trading at discount in grey market. How will it impact listing?

Star Health likely to list on December 10 After a weak response to its initial public offering that closed on December 2, Star Health and Allied Insurance Company will likely list on December 10. ... Read more »

German industry produced more in October

Photo: ANP German industry produced more in October than a month earlier. Significantly more cars and other vehicles were built, for example, reports the German statistical office Destatis. The production ... Read more »

Govt maintains land and building tax for another 2 years

A view of the Esse Sukhumvit 36 condominium in Bangkok (photo supplied) The cabinet on Tuesday approved the maintaining of the existing tax rates for land and building for a ... Read more »

Number of public servants paid over $400,000 almost doubles in a year

By RNZ The number of public servants earning more than $400,000 annually has almost doubled in the last year. Sixteen people were earning that much in the 2019/2020 financial year. ... Read more »

Dutch inflation rate nears 40 year high as gas prices soar

Photo: Depositphotos.com The official Dutch rate of inflation hit 5.2% in November, its highest level since September 1982, national statistics office CBS said on Tuesday. In October, inflation was 3.4%. ... Read more »

ANWB: subsidy for electric car for private individuals remains necessary

Photo: ANP More fully electric cars are driving on Dutch roads than last year. But for a large group of Dutch people, electric driving is still a long way off. ... Read more »

View: Assessing Putin's India visit in an evolving geopolitical landscape

President Vladimir Putin’s visit to New Delhi for the 21st annual summit has created substantial hopes and aspirations for extensive engagement on various fronts amid the complex issues that evolved ... Read more »

Asia airlines hope Omicron setback will be short-lived

FILE PHOTO: Qantas planes are seen at Kingsford Smith International Airport in Sydney, Australia, March 18, 2020. (Reuters) SYDNEY: A nascent recovery in Asia-Pacific international travel demand has been set ... Read more »

EXPLAINER-What's next for China's Evergrande after missing coupon payments

China Evergrande Group made three 11th-hour coupon payments in the past two months, but there was no repeat at the end of a grace period at midnight Monday in New ... Read more »

Wall Street regulators investigating Trump social media deal

The former president described a request for documents by regulators looking into the blank-cheque merger as "a continuation of witch hunts". Read more »

Biden administration will not send any official representation to 2022 Winter Olympics in Beijing, Psaki says

The Biden administration will not send any “diplomatic or official representation” to Beijing for the 2022 Winter Olympics, White House press secretary Jen Psaki confirmed Monday, amid the People’s Republic ... Read more »

Business and Commercial Banking Differences and What it Means for Your Business

The commercial banking term is mostly used synonymously with business banking in many parts of the world. A business bank account lets individuals separate their business finances from personal accounts, ... Read more »

Armed forces' perseverance, courage are outstanding: PM Modi

Prime Minister Narendra Modi on Monday said the benchmark for assessment should be how Parliament functioned and not how forcefully it was disrupted, as he asserted that the dignity of ... Read more »

Google Pay app available in the Netherlands

Photo: ANP The payment app Google Pay from tech group Google is also available in the Netherlands. Until now, the application was only available via the apps of a number ... Read more »

Kotak Mahindra Bank board to meet on December 10-11 to consider fundraising

Kotak Mahindra bank to mull raising funds Kotak Mahindra Bank’s board will meet on December 10 and 11 to consider raising funds through multiple debt instruments in one or more ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic