URGENT: China’s GDP grows real 4.9% in 3rd qtr amid property woes

China’s economy in the July-September period expanded a real 4.9 percent from a year earlier, official data showed Wednesday, its growth decelerating from 6.3 percent in the previous quarter amid a prolonged property sector crisis and lackluster spending.

The year-on-year increase in gross domestic product of the world’s second-largest economy was below the country’s growth target of around 5.0 percent for 2023.