Support 100 years of independent journalism.

  1. Chart of the Day
18 October 2021

How China’s economy has rapidly slowed

The Chinese economy grew by just 0.2 per cent in the most recent quarter.

China’s economic growth slowed markedly in the latest quarter due to major energy shortages, supply chain disruptions and the deepening crisis in the country’s property sector. GDP grew just 0.2 per cent from July to September compared to the previous quarter, according to figures released by the National Bureau of Statistics today.


In terms of annual growth, the figure of 4.9 per cent for Q3 2021 was the slowest in a year. In comparison, the economy grew by 7.9 per cent year-on-year in the three months from April to June. 

An energy crunch – driven by coal supply problems and heightened energy demand for construction projects earlier this year – has affected factory output causing production to fall to its lowest since the first quarter of 2020. The country has responded by stepping up coal production despite its pledge to cut emissions. 

Major property developer, China Evergrande Group, was also recently revealed to have run up more than $300bn of debt leading to fears that the country’s property bubble is about to burst. The construction sector, which accounts for 29 per cent of GDP, had borrowed heavily and built extensively in recent decades. But around a fifth of the country’s housing units currently lie vacant and many are unaffordable. 

Select and enter your email address Quick and essential guide to domestic and global politics from the New Statesman's politics team. A weekly newsletter helping you fit together the pieces of the global economic slowdown. The New Statesman’s global affairs newsletter, every Monday and Friday. The New Statesman’s weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. Your guide to the best writing across politics, ideas, books and culture - both in the New Statesman and from elsewhere - sent each Saturday. A newsletter showcasing the finest writing from the ideas section, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. Sign up to receive information regarding NS events, subscription offers & product updates.
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU

Content from our partners
A better future starts at home
How to create an inclusive workplace and embrace neurodiversity
Universal Credit falls short of covering the bare essentials. That needs to change