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China’s economic growth weakens amid construction slowdown

By JOE McDONALD
AP Business Writer

BEIJING (AP) — China’s economic growth sank in the last quarter as a slowdown in construction and curbs on energy use weighed on its recovery from the coronavirus pandemic. Government data show the world’s second-largest economy grew by 4.9% over a year earlier in July-September, down from the previous quarter’s 7.9%. Factory production, retail sales and investment in construction and other fixed assets all weakened. Construction, an industry that supports millions of jobs, has slowed since regulators tightened control last year over borrowing by developers. Manufacturing also was hampered in September by power cuts imposed by some major provinces to avoid exceeding official conservation goals.

Associated Press

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