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China's economy grew 4.9% in the third quarter. It is a little lower than the market's expectation, but analysis is coming out that it is due to the power shortage and various bad factors including the Hengda Group crisis.
Reporter Jeong Da-eun.
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China's economy grew 4.9% in the third quarter, the lowest in a year.
It was the lowest figure since the third quarter of last year and fell short of market expectations of 5% to 5.2%.
China's economic growth rate rose to 18.3% in the first quarter thanks to the base effect, but fell to 7.9% in the second quarter, and the economic slowdown became more pronounced.
China's economy has shown strong resilience since the second half of last year, thanks to strong stimulus measures, as it emerged from the impact of COVID-19.
However, it is analyzed that the growth engine has weakened due to the simultaneous impact of power shortages, supply chain disruptions, and real estate market regulations that have hit various parts of China in recent years.
China's industrial production growth rate in September was 3.1% compared to the same period last year, down from 5.3% in August.
However, retail sales grew 4.4% in September, up from 2.5% in the previous month.
China's economic growth forecast for this year has also been lowered.
The International Monetary Fund lowered its forecast to 8.1%, while investment institutions including Goldman Sachs revised their forecasts to less than 8%.
Some observers are also predicting that China's economic growth rate in the fourth quarter of this year could fall further as the aftermath of the rapid economic cooling continues into next year.
At the National People's Congress in March, the Chinese government conservatively set a target for this year's economic growth rate to be '6% or more'.