China’s GDP growth rate in the third quarter was only 4.9%, slower than expected in the first and second quarters.
China’s National Bureau of Statistics announced on the 18th that gross domestic product (GDP) rose 4.9% year-on-year in the third quarter.
The third-quarter economic report is significantly lower than the first quarter, which grew 18.3% thanks to the base effect of COVID-19, and the second quarter, which recorded 7.9%.
The growth rate in the third quarter is 0.1% lower than Bloomberg’s expected 5% and is the lowest quarterly growth rate in a year since it grew 4.9% in the third quarter of last year.
The liquidity crisis of Hengda Group, a super-large real estate developer, power shortages expanding to all China, and soaring raw material prices seem to have adversely affected the Chinese economy.
It is also predicted that extreme quarantine policies to zero COVID-19 sporadically occurring in each region and consumer sentiment, which rarely recovers, had a negative impact.
However, experts expect China to grow more than 8% this year despite various unfavorable conditions.
Earlier, Prime Minister Li Keqiang of the State Council proposed this year’s economic growth target of more than 6% at the National People’s Congress in March.
People’s Bank of China Governor Lee Kang also said at a video seminar on major 30 major countries (G30) at the same time as the International Monetary Fund’s annual meeting on the 17th, “The growth of the Chinese economy has slowed somewhat, but the trajectory of economic recovery remains unchanged,” adding, “It is expected to grow 8% this year.”