China's Economy Slows to 4.9% Growth in Q3 2021

Based on data from the National Bureau of Statistics of China, in the third quarter of 2021, the Chinese economy grew by only 4.9%. This economic growth performance is the lowest this year.

China's economic growth in the third quarter of 2021 was lower than the same period last year and the second quarter of this year, which was 7.9%. This growth indicates that the Chinese economy has slowed down again, after surging to 18.3% in the first quarter of this year.

The slowdown in the Chinese economy is due to the recent energy crisis. This crisis disrupted economic and industrial activities, causing several factories to halt production.

Meanwhile, the energy crisis was triggered by the growth in demand for construction projects at the beginning of the year, which required fossil fuels. On the other hand, the Chinese government is pursuing ambitious targets to reduce carbon emissions.

In addition, the financial problems facing the giant property company Evergrande and others are also one of the causes of the slowdown in the Chinese economy. This could trigger concerns among investors and buyers in the property sector as a whole. Currently, the property and industrial sectors contribute 30% to the Chinese economy.