Agency: The Chinese economy increased by 4.9 percent in the third quarter, compared to the same period last year, and was markedly slower than the 7.9 percent increase in the second quarter.
Industrial output, the mainstay of China’s growth, faltered badly, hampered by power cuts. September’s measure was the worst since the early days of the pandemic, according to the National Bureau of Statistics.
Two bright spots prevented the economy from stalling. Exports remained strong, up 28.1 percent in September year-over-year. And families, particularly prosperous ones, resumed spending on restaurant meals and other services during the month, as China succeeded once again in quelling small outbreaks of the coronavirus. Retail sales were up 4.4 percent in September from a year ago.
Background: Efforts to address inequality — reining in tech, discouraging real estate speculation — also dampened growth.
Response: Chinese officials are showing signs of concern, but have refrained from unleashing a big economic stimulus.
Related: Goldman Sachs has won approval to take full ownership of a joint venture in China, allowing it to buy out Beijing Gao Hua Securities.