China's economic growth slowed to 4.9 percent in the third quarter, official data showed Wednesday, as an unprecedented property crisis hit consumption and business activity in the country.
China's economic growth slowed to 4.9 percent in the third quarter, official data showed Wednesday, as an unprecedented property crisis hit consumption and
The country faced a"grave and complex international environment and challenging tasks in promoting reform, development and stability at home" in the first three quarters of 2023, the National Bureau of Statistics said. The industry enjoyed dazzling growth for decades, but the recent woes of key developers including Evergrande and Country Garden are now fuelling buyer mistrust while homes lie unfinished and prices plummet.Country Garden, one of China's biggest property firms and long believed to be financially sound, failed last month to repay interest on a loan totalling $15.4 million.
Retail sales, the main indicator of household consumption, rose a forecast-beating 5.5 percent on-year in September, according to official figures published on Wednesday by the NBS.Industrial production growth in September stayed flat at 4.5 percent, while urban unemployment dipped to 5.0 percent in September from 5.2 percent in August.
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