China's GDP Growth, Comes to a Crawl.
Reports from Hong Kong indicate China's GDP is experiencing its slowest growth in a year.
Thus far in the third quarter, China's economy has expanded by a mere 4.9%.
GDP growth is down 3% from the second quarter.
China was the only major world economy to avoid recession in 2020.
The challenges of keeping the economy running smoothly have increased.., Fu Linghui, spokesperson China National Bureau of Statistics, via statement.
Ongoing energy conflicts and delays in shipping have led to mounting inventories.
Official GDP growth slowed to a crawl last quarter... industry and construction appear on the cusp of a deeper downturn, Julian Evans-Pritchard, senior economist Capital Economics, via research note.
Manufacturing remains hampered by issues with the global supply chain.
Economists indicate that major shipping ports across the country continue to be affected by the COVID-19 pandemic.
Authorities say these problems are likely to dissipate soon.
The tight supply of energy is just a phase, and the impact on the economy is controllable, Larry Fu, spokesperson National Bureau of Statistics, via statement