BEIJING - China's economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages, supply chain bottlenecks and major wobbles in the property market and raising pressure on policymakers to do more to prop up the faltering recovery.
"The domestic economic recovery is still unstable and uneven," said National Bureau of Statistics spokesperson Fu Linghui at a briefing in Beijing on Monday. Global worries about a possible spillover of credit risk from China's property sector into the wider economy have also intensified as major developer China Evergrande Group wrestles with more than $300 billion of debt.
Overall industrial output rose just 3.1 percent in September from a year earlier, marking the slowest growth since March 2020, during the first wave of the pandemic. "Most of the factors are policy-driven... the economy is having a lot of pain points and these pain points are not going away soon because policies are here to stay, and therefore it will continue into 2022," said Iris Pang, chief economist for Greater China at ING.
On Sunday, People's Bank of China governor Yi Gang said the economy is expected to grow 8 percent this year.
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