Property Market Becomes Lead Weight for China's Economy

The Chinese economy grew at 4.9 percent, beating previous projections, according to China's National Bureau of Statistics . China's economy may have grown at a relatively better pace, but the troubles in the property sector continue to bear down on the economy.On Wednesday, the NBS announced that China's GDP growth stood 4.9 percent, which was above the earlier projection, which stood at 4.5 percent in a poll of economists conducted by Reuters.

Earlier, the CEO of Evergrande was arrested on unspecified 'illegal crimes.' On Friday, Evergrande revised the restructuring deal as the company prepared for the U.S. bankruptcy hearing scheduled for later in the month.But the real estate crisis isn't the only one. China's local governments' extremely high borrowing levels have a troubling message for the economy.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China property market shows little signs of revival despite stimulusChina property market shows little signs of revival despite stimulus
Source: Investingcom - 🏆 450. / 53 Read more »

China property market shows little signs of revival despite stimulusChina's troubled property market is showing little signs of a recovery in the short term despite a series of government stimulus measures to help revive activity in the sector which makes up a quarter of the nation's economic output.
Source: Reuters - 🏆 2. / 97 Read more »

Ethereum becomes derivatives market's new favorite as traders ditch BitcoinWhile Bitcoin may be the oldest and most widely known cryptocurrency in the world, Ethereum is right at its tail. The second biggest crypto asset has,
Source: FXStreetNews - 🏆 14. / 72 Read more »

Japan's property market shows signs of overheating -BOJJapan's property market shows signs of overheating -BOJ
Source: Investingcom - 🏆 450. / 53 Read more »