The pressure of coping with the Covid-19 pandemic, coupled with the crisis in the property sector and energy curbs, has put a strain on China's GDP growth, which is on the decline. In the third quarter, the GDP of the world's second-largest economy grew by 4.9 per cent. This is down from 7.9 per cent in the second quarter, confirming signs of a an economic slowdown in the country.
China, where the Covid-19 pandemic broke out in Wuhan, was one of the quickest to recover from it. However, despite the impressive turnaround in the first few months when China's economy made rapid recovery, hike in raw material costs, low consumer sentiment, energy crisis and a distinct property sector slump seem to have put pressure on the nation.