Economics
China Property and Energy Crises Deliver Blow to GDP Growth
- Growth set to slow further after weakening to 4.9% in 3Q
- Beijing signals it’s in no rush to boost economic stimulus
WATCH: Helen Qiao of BofA Global Research discusses what the latest figures say about the state of China’s economy.
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China’s housing slump and electricity shortages dragged down economic growth last quarter, with signs there will be more pain to come as the country heads into winter and property curbs remain.
Gross domestic product expanded 4.9% from a year earlier, the National Bureau of Statistics said Monday, down from 7.9% in the previous quarter, and largely in line with economists’ projections.