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Trackinsight: China’s economy hits the brakes on energy crunch and Evergrande woes

10/18/2021 | 10:00am EST

The decline is mainly due to the lingering power shortages, supply chain bottlenecks and the major downturn in the property market.

Chinese National Bureau of Statistics released data on Monday showing that the national gross domestic product (GDP) for the July-September period (Q3 2021) grew by 4.9% in the third quarter from a year ago, below the forecasted 5.2%. The key indicator receded from 7.9% in the second quarter and was the slowest pace since last year’s third quarter, when GDP also expanded by 4.9% It also marked a further deceleration from the 18.3% jump in the first quarter.

The decline is mainly due to the lingering power shortages, supply chain bottlenecks and the major downturn in the property market due to the Evergrande debacle.

In the ETF space, ChinaAMC China 50 ETF, which consists of the 50 largest and most liquid A-share stocks listed on Shanghai Stock Exchange ended the day -1.89% lower. Similarly in Europe, iShares MSCI China UCITS ETF and Lyxor MSCI China UCITS ETF which target large and mid-cap Chinese equities, opened lower on Monday.

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© www.trackinsight.com 2021
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