China’s gross domestic product (GDP) growth slowed to 4.9% year-on-year in the third quarter of this year, amid an energy crisis, skyrocketing commodity prices and a struggling real estate industry, reports Caixin.
The figure came in just shy of the median estimate for 5% growth in a Caixin survey of economists. It was much lower than the 7.9% year-on-year growth rate for the second quarter and the 12.7% growth rate for the first half of the year.
In the first nine months of 2021, China’s GDP was up 9.8% year-on-year, according to data from the National Bureau of Statistics (NBS). A spokesperson for the Bureau, Fu Linghui, said “There are many unstable and uncertain factors in the international environment. The domestic economic recovery is still unstable and uneven, and the challenges of maintaining the smooth operation of the economy are increasing.”
“Still, China’s economic development showed strong resilience and vitality. Overall, the trend of sustained economic recovery and the shift toward high-quality development will not change,” said Fu, who noted that China “has the ability and conditions” to achieve its annual GDP growth target of more than 6% in 2021.