- China s real estate and construction industries contracted for the first time since the start of the pandemic in the third quarter, weighed by a slump in construction.
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Output in the real estate industry, a majorstay of the economy as its activities support sectors from furniture to commodities, shrank 1.6% from a year ago, according to a preliminary report on gross domestic product published Tuesday by the National Bureau of Statistics. The sector expanded 7.1% in the three months from June, and this contraction is the first since the first quarter of 2020.
The construction industry s output fell by 1.8%, also its first fall since the pandemic. This sector had never contracted on data with zero to 1992 before the pandemic.
The escalating debt crisis at China Evergrande Group and other developers has affected consumers confidence in buying homes and exacerbated the effect of tight curbs on property developers financing and property sale restrictions to make prices. The combined sales of China s top 100 developers dropped 36% year on year in September, and the slow government-funded infrastructure building has also undercut the building sectors.
China s economy slowed further in the third quarter, weighed down by the housing slump and power shortages, data released Monday showed. Gross domestic product expanded 4.9% from a year earlier, down from 7.9% in the last quarter. Growth of investment and retail production was sluggish while industrial sales rebounded slightly.
Production halts at factories across the country due to a power shortage is reflected in the slowdown of the manufacturing industry, which expanded by 4.6% in the 3rd quarter, down from 9.2% in the previous quarter.
The data prompted many economists to downgrade their forecast on growth. Officials have signaled that they will not rush to stimulate the economy but will provide targeted support.
People s Bank of China Governor Yi Gang recently forecast the economy will expand about 8% this year, exceeding Beijing'official target for above 6%.
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