China's economic growth slows

• China’s economy slowed to 4.9 percent in the third quarter compared to the same period last year, a steep decline from nearly 8 percent growth the previous quarter, due to a number of problems including supply chain disruptions, power outages, and a new limit on debt for real estate developers. [The Week / Catherine Garcia]
• Amid soaring prices, the Chinese government ordered several provinces to ration electricity supply, causing blackouts that have decreased labor output as factories are forced to shut down. To make matters worse, severe floods in China’s biggest coal-producing region have also limited productivity, further raising costs, in a downturn experts say may continue in the months to come. [BBC / Katie Silver]

• Further adding to the country’s woes: China’s government limited how much debt property developers can take on. Now, Evergrande, a massive Chinese real estate company and the world’s most indebted firm, could default on its loans, which could damage the global economy. [CNBC / Weizhen Tan]

• So far, Chinese government officials are blaming the country’s economic struggles on international problems such as the continuing coronavirus pandemic. [Washington Post / Eva Dou]

• The pandemic did bring one economic bright spot for China, as Chinese exports rose 28.1 percent in September compared to the same period last year. The increase was driven by global consumer spending on products made in China as much of the world locked down due to the spread of the delta variant. [NYT / Keith Bradsher]