China slowdown spells downside risk for global economy
CHINA, the engine for global growth, has reported a slower 4.9 per cent growth for the third quarter as it battles an unstable domestic recovery haunted by recurring Covid-19 outbreaks, power outages and a real estate albatross; all of which spells downside risks for the world's economy, including Singapore which counts the mainland as a major trade partner.
On Monday, Fu Linghui, spokesperson for the National Bureau of Statistics, said at a press conference that domestic and overseas risks and challenges have increased in the third quarter. China's Q3 gross domestic product (GDP) rose 4.9 per cent on year, marginally below the consensus estimate of a 5.0 to 5.2 per cent growth. However, it was sharply weaker than the 7.9 per cent growth in Q2 and the blistering 18.3 per cent surge clocked in Q1.
Industrial output, the mainstay of China's growth, was hard hit, decelerating for seven straight months to 3.1 per cent in September, posting its worst performance since the early days of the pandemic. Computers, chemicals and ferrous metals smelting showed meaningful slowdowns in year-on-year growth.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Global
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked
Air China orders homegrown C919s in challenge to jet duopoly
HSBC’s private bank shuts independent asset management business in HK, Singapore
Hong Kong home prices rise for first time in 11 months after curbs scrapped
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027