Asian shares slide as Chinese growth data disappoints
ABC News
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 0.2% to 3,565.18 while the Hang Seng in Hong Kong declined 0.5% to 25,217.81.
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.
The 4.9% annual pace of growth was slightly below forecasts and compared with a 7.9% expansion in the April-June quarter, which was exaggerated by the downturn in 2020.