China third-quarter pace down to 4.9%, below expectations

Figure missing market expectations of 5.2%

Aysu Bicer   | 18.10.2021
China third-quarter pace down to 4.9%, below expectations


China's economy grew by 4.9% in the third quarter, easing sharply from 7.9% growth in the previous period but falling short of expectations of 5.2%, according to data released by the country's statistics body.

The National Bureau of Statistics said on Monday that industrial production had risen by 3.1% in September, which is also below expectations of 4.5%.

According to analysts, this has been the slowest pace of expansion since the third quarter last year, amid various disruptions including power shortages, supply chain bottlenecks, a property bubble, and the pandemic.

For 2021, China aims to reach economic growth target of above 6% after growing the least in over four decades in 2020.

"Since entering the third quarter, domestic and overseas risks and challenges have increased," Fu Linghui, spokesperson for the National Bureau of Statistics, said at a press conference on Monday.

He said the ongoing power shortage had a certain impact on production, adding that the impact is manageable.

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