- Sri Lanka level T20 series with record-breaking West Indies win
- French footballer Ben Yedder on trial for sexual assault
- India foreign minister in arch-rival Pakistan for rare visit
- Restored 'Apollo Belvedere' marble back on show in the Vatican
- Lagos festival dances to Nigerian icon Fela Kuti's beat
- Italian PM hails 'courageous' Albania migrant deal
- 'Tragedy in Jabalia' as Israel army tightens siege in north Gaza
- Draft UN climate pact leaves open thorny question of money
- Two giant pandas arrive in US from China aboard 'Panda Express'
- Musiala and Upamecano return to Bayern training
- Wirtz return 'unclear' after injury on Germany duty
- Ghulam says 'wait is over' after century on Pakistan debut
- Boeing to raise up to $25 bn as strike weighs on finances
- Two giant pandas arrive in US from China
- Japan hold Australia, S. Korea and China win in World Cup qualifying
- Mbappe's golden-boy image takes a hit amid negative headlines
- Hezbollah threatens to attack targets across Israel
- Oil prices fall on easing Middle East fears
- Wales lock Jenkins to miss November Tests with 'horrible' injury lay-off
- France to play Israel in Paris and allow fans in
- Twin panda cubs to make public debut at Berlin zoo
- Scotland's Kinghorn maintains Lions 'dream' despite Toulouse clash
- Pakistan debutant Ghulam hits century to defy England in second Test
- Boeing announces intention to raise up to $25 bn
- Tuchel 'in talks with FA' over England manager's job
- Dutch rider Lavreysen targets record at world track championships
- Bangladesh suspend Hathurusingha as coach after alleged assault
- Russian Olympic chief announces surprise resignation
- Ferguson to leave Man Utd ambassador role as club cuts costs
- Turkish govt defends tax plan to fund defence industry
- Oil prices tumble on easing Middle East fears
- Eidevall quits as Arsenal Women head coach
- US, Philippines launch war games after China's Taiwan drills, ship collision
- Swedish prosecutor confirms 'rape' probe without naming Mbappe
- England dismiss Ayub but Pakistan reach 173-3 at tea in second Test
- Israel vows to put 'national interest' first in response to Iran attack
- Oil prices hit by easing Middle East fears, most Asian markets rise
- Mbappe-PSG salary row faces hearing as France captain cited in 'rape' report
- K-pop star tells South Korea lawmakers of workplace bullying
- Ex-Wallabies captain Elsom denies wrongdoing after arrest warrant
- Pakistan 79-2 at lunch in second England Test after Leach strikes
- Hopes pinned on peace across Taiwan Strait after drills
- Valencia fans leave Singapore with 'stern warning' after protest
- Falling sales cause sour grapes for iconic Portugal wine
- Belgian pathologist and literary star gives 'voice to the dead'
- Ethiopia's 'korale' recyclers turn waste into money
- Italy row, AI in focus at world's biggest book fair
- US, Philippines launch war games a day after China's Taiwan drills
- Scotland lock Gray signs for Japan's Toyota
- Allen and Bills foil Rodgers, outlast Jets 23-20
RBGPF | 1.67% | 60.5 | $ | |
RYCEF | -0.57% | 6.99 | $ | |
SCS | 1.14% | 13.13 | $ | |
CMSC | 0.6% | 24.84 | $ | |
NGG | 0.68% | 67.35 | $ | |
GSK | -0.01% | 39.125 | $ | |
RIO | -1.94% | 66.41 | $ | |
RELX | 1.82% | 48.26 | $ | |
BTI | -0.01% | 35.445 | $ | |
CMSD | 0.68% | 25.151 | $ | |
VOD | -0.05% | 9.675 | $ | |
BCE | 2.7% | 33.465 | $ | |
BP | -3.77% | 30.829 | $ | |
JRI | 0.1% | 13.1 | $ | |
AZN | -0.66% | 77.585 | $ | |
BCC | 0.09% | 143.11 | $ |
China says third-quarter economic growth slowed to 4.9%
China's economic growth slowed to 4.9 percent in the third quarter, official data showed Wednesday, as an unprecedented property crisis hit consumption and business activity in the country.
The figure exceeded a forecast of 4.5 percent in a Bloomberg survey of analysts but was well off the 6.3 percent expansion enjoyed in the previous three months.
The country faced a "grave and complex international environment and challenging tasks in promoting reform, development and stability at home" in the first three quarters of 2023, the National Bureau of Statistics said.
The real-estate sector, which has long accounted for a quarter of the country's gross domestic product, supports thousands of companies and is a major source of employment.
The industry enjoyed dazzling growth for decades, but the recent woes of key developers including Evergrande and Country Garden are now fuelling buyer mistrust while homes lie unfinished and prices plummet.
Country Garden, one of China's biggest property firms and long believed to be financially sound, failed last month to repay interest on a loan totalling $15.4 million.
The group has been granted a 30-day grace period which ends on Wednesday, and risks default if it does not honour the repayment.
Authorities have stepped up incentives for property purchases in recent months to reinvigorate the sector, but buyers remain cautious.
Households are watching their spending amid sluggish growth, which in turn has hurt consumption.
A week-long national holiday in October has nevertheless helped boost spending on tourism and other services.
"China's economy has shown signs of stabilisation," Nomura analyst Ting Lu said in a note.
Retail sales, the main indicator of household consumption, rose a forecast-beating 5.5 percent on-year in September, according to official figures published on Wednesday by the NBS.
Industrial production growth in September stayed flat at 4.5 percent, while urban unemployment dipped to 5.0 percent in September from 5.2 percent in August.
Unemployment data no longer includes a breakdown for 16- to 24-year-olds, after it hit a record high in June of 21.3 percent.
"China's economic recovery continued in September, driven by better-than-expected retail sales," Zhang Zhiwei, Chief Economist of Pinpoint Asset Management, said in a note.
China is aiming for "around five percent" growth this year -- from a low base last year when the domestic economy was paralysed by strict Covid restrictions.
Zhang said he believed "the improvement in third-quarter economic data makes it less likely for the government to launch stimulus in the fourth quarter, as the growth target of five percent is set to be achieved".
Last year, the economy grew three percent, far from the official target of 5.5 percent, and one of the slowest rates in four decades.
Ch.Kahalev--AMWN