November 14, 2021
Real Estate

China’s GDP Growth Slows as Property and Energy Take a Toll

Volkswagen, the market leader in China, said on Friday that its production had been falling as the company faced an ever-worsening chip shortage and other supply chain issues. The company doesn’t have enough cars to fill customers’ and dealerships’ orders, creating a backlog.

“Our priority is to work off our backlog,” said Stephan Wöllenstein, the chief executive of Volkswagen’s China division.

For months, economists have made the same prediction: the fast growth of China’s exports cannot last.

The economists were wrong.

China’s exports kept surging through the third quarter and finished strong, up 28.1 percent in September compared with the same month last year. China posted its third-highest monthly trade surplus ever last month.

China has essentially maintained its strength in exports ever since its economy emerged from the pandemic in the…

Read full article here: www.nytimes.com