by Martin Armstrong
Armstrong Economics
ASIA:
China’s economic growth in the third quarter slumped to its slowest pace in a year, as a property slowdown and energy shortages highlighted rising pressure on policymakers. Gross domestic product grew 4.9 percent year on year between July and September, according to data released by the National Bureau of Statistics on Monday, compared with 7.9 percent in the three months ending in June. China’s economy far outperformed other developed countries in 2020, driven by a construction boom, higher industrial activity, and soaring exports, after new Covid-19 cases slowed to a trickle by the middle of the year. But the latest data reflect a loss of momentum, with industrial production growing 3.1 percent in September and edging just 0.1 percent higher month on month. Retail sales, a gauge of consumer spending that has lagged behind the wider recovery in part because of strict anti-coronavirus travel restrictions, beat expectations to grow 4.4 percent.