China's Third-Quarter Economic Growth Slows Sharply to 4.9%

[mahatmakanejeeves]

Source: The Wall Street Journal.

WORLD ASIA CHINA

China's Third-Quarter Economic Growth Slows Sharply to 4.9%

Power shortages and supply-chain problems added to the impact from Beijing's efforts to rein in the real estate and technology sectors

By Jonathan Cheng
https://twitter.com/JChengWSJ
[e-mail]
Updated Oct. 17, 2021 11:17 pm ET

BEIJING--China's economy grew 4.9% in the third quarter from a year earlier, slowing sharply from the previous quarter's 7.9% growth rate, as power shortages and supply-chain problems added to the impact from Beijing's efforts to rein in the real estate and technology sectors.

While many economists expected China's year-over-year growth to trend lower in the second half of 2021, based in part on statistical comparisons to last year, the scale of the third-quarter slowdown was sharper than expected, falling short of the 5.1% growth forecast by economists polled last week by The Wall Street Journal.

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Read more: https://www.wsj.com/articles/china-third-quarter-economic-growth-slows-sharply-to-4-9-11634522925

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The headline doesn't say specifically that this is an annualized rate, but the author's use of the term "year-over-year " makes clear that this is an annualized rate.

[speak easy]

1. Largely self inflicted.

China banned Australian coal in a political dispute with the Aussies. Local supply chains could not adjust sufficiently resulting in rolling blackouts across 20 of 23 provinces.

[oldsoftie]

2. If we'd pull our mfg OUT it would slow a lot more.

We need to stop sending money to China for them to use against us. Same for the EU; they send plenty their way as well
Even if we cant feasibly make something HERE, it can be made anywhere but China

[bobalew]

3. WENT TO SUZHOU IN 2007 & 2011, for work, on a tech training mission.

In between that short period of time, they had managed to build 12 mega cities between Shanghai & Suzhou. No lights on, nobody home, just mile after mile of dark mega-towers. It also took 4 times longer to get from Shanghai to Suzhou. A few years of having all that empty real estate idle, and any blip in the world economy would spell disaster. Well, we're here! Now! If they pursued this methodology for even 5 more years, what are they going to do with it? They lose their butts.

[RussBLib]

4. that is so weird

I have seen those pix. It's rather insane.

If the US ends up with GDP higher than China this year, way to go, Joe!