Power shortage weighs down China’s growth
- GDP growth slowed to 4.9% YoY in 3Q from 7.9% in 2Q amid Delta outbreak and power shortage
- Industrial production took the hardest hit
- Lingering debt crisis in the property sector weighed on investor confidence
- GDP forecasts for 2021 and 2022 are downgraded from 8.8% to 8% and from 6.0% to 5.3% respectively
- Implication for investors: Another 50bps RRR cut is in-sight
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