**China’s economic growth slowed in the third quarter as strict COVID-19 restrictions and a property market downturn weighed on activity.**
**Gross domestic product (GDP) grew 4.9% year-on-year in the July-September period, down from 7.9% in the second quarter, the National Bureau of Statistics (NBS) said on Monday.**
**The reading missed analysts’ expectations of 5.2% growth.**
**The slowdown was driven by a sharp contraction in the services sector, which accounts for about 60% of GDP.**
**Services output fell 5.4% year-on-year in the third quarter, the NBS said.**
**The manufacturing sector also slowed, with output growth easing to 3.9% from 6.4% in the second quarter.**
**Retail sales, a key indicator of consumer spending, rose 3.9% year-on-year in September, down from 5.4% in August.**
**Fixed-asset investment, a measure of spending on infrastructure and other long-term projects, grew 5.9% year-on-year in the first nine months of the year, down from 8.9% in the first eight months.**
**The slowdown in economic growth is a blow to the Chinese government, which has set a target of 5.5% growth for the year.**
**The government has been taking steps to support the economy, including cutting interest rates and increasing infrastructure spending.**
**However, analysts say that the government needs to do more to address the underlying structural problems in the economy, such as the property market downturn and the high level of debt.**
**The slowdown in China’s economy is also likely to have a negative impact on the global economy.**
**China is the world’s second-largest economy and a major consumer of commodities.**
**A slowdown in China’s growth could lead to lower demand for commodities and a fall in prices.**
**This could have a negative impact on economies that rely on exports of commodities, such as Australia and Brazil.**
**The slowdown in China’s economy is a reminder of the challenges that the country faces as it transitions to a more sustainable growth model.**
**The government needs to address the underlying structural problems in the economy and to find ways to boost domestic demand.**
**Otherwise, the country’s economic growth will continue to slow and the global economy will suffer.**.
