China’s Q4 GDP Hits Early Speed Bump as COVID Stifles Economy – U.S News & World Report Money
Reuters
By Ryan Woo, Ellen Zhang and Bernard Orr
BEIJING (Reuters) – China’s economic growth is hitting an early speed bump in the fourth quarter as COVID-19 curbs and anxieties further tapped the brakes on travel and shipping, constraining consumption and commerce in the world’s second-largest economy.
Mobility statistics – from metro passenger traffic in cities and flight cancellations to domestic container handling at major ports – have worsened in October despite falling local coronavirus cases, suggesting COVID-19 preventive measures, or fear of those measures, are still stifling economic activity.
China reported on Monday a faster-than-expected 3.9% expansion in its economy in the third quarter, but data for September showed weak imports of goods and retail sales, reflecting its still subdued domestic demand.
Even in its feeble state, household consumption of goods and services accounted for more than half of gross domestic product growth in the third quarter, underlining its…
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source: https://news.oneseocompany.com/2022/10/25/chinas-q4-gdp-hits-early-speed-bump-as-covid-stifles-economy-us-news-world-report-money_2022102534258.html
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