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Why did China's economy stumble ?

October 22, 2021 / 02:52 PM IST

China’s GDP grew by 4.9 percent in the third quarter, lower than the forecast of 5 percent, and far below the 7.9 percent recorded in the previous quarter.  The slowdown comes on the back of Evergrande crisis that caused the property market to implode, thereby halting sector financing, land sales and construction. Another factor was the crippling fuel crunch which led to power cuts that halted production. This led to lowest factory output since early 2020 when Covid19 curbs were put in place. Further, the Covid19 restrictions dragged consumer spending, affecting the growth numbers. Shutdowns impacted supply chains, thereby disrupting all the sectors from food and gadgets to automobiles. 

China’s economy 
first published: Oct 22, 2021 02:52 pm

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