China’s Q3 GDP growth slowed to 4.9%, according to the country’s National Bureau of Statistics.
The year-on-year growth rate was lower than the result of Reuters analyst poll of 5.2%.
Industrial production expanded by 3.1% in September, also slower than the 4.5% expected by Reuters.
A bureau spokesperson admitted that the recent power shortage had a certain impact on production but said the impact is “in control”.
In response to the power shortage, the Chinese government said it will boost coal supply and ensure the availability of electricity.
While there are some coronavirus-related restrictions in some cities, retail sales rose 4.4% year-on-year in September, which was higher than the 3.3% growth from the Reuters poll.
The urban unemployment rate in September was 4.9% but that for young people aged 16 to 24 remained high at 14.6% in China.
