Asian shares slide as Chinese growth data disappoints

Asian shares are mostly lower after China reported its economy grew at a meager 4.9% annual pace in July-September

Asian shares were mostly lower on Monday after China reported its economy grew at a meager 4.9% annual pace in July-September.

The Shanghai Composite index lost 0.4% to 3,559.96 while the Hang Seng in Hong Kong declined 0.4% to 25,246.38.

Chinese growth is under pressure from government controls meant to curb energy use and reduce financial risks from reliance on debt-fueled property developments. Manufacturing also has been hampered by shortages of processor chips and other components due to the pandemic.

Compared with the previous quarter, the way other major economies are measured, output in the July-September period barely grew, expanding by just 0.2%. That was down from the April-June period’s 1.2% and one of the weakest quarters of the past decade.