China GDP Slowdown Impact on India: China’s GDP growth slowed in the last quarter due to lower than expected industrial production in September. According to data released by China’s National Bureau of Statistics, China’s GDP growth was just 4.9 percent in the July-September 2021 quarter. The slowdown in China’s growth is feared to have an impact on the economy around the world, including India, which is trying to recover from the tremors of the Corona epidemic.
According to the data released by the Chinese government, the bilateral trade between India and China has increased by 50 percent in the first nine months of 2021 this year and according to the data released by the Ministry of Commerce of India, India’s largest trade in April-July 2021 The partner was China. This was followed by bilateral trade with the US, UAE, Saudi Arabia and Singapore. Apart from the pace of the economy recovering from the shock of the epidemic due to the slowdown in China’s economy, there is also concern about mutual business.
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India’s trade with China has increased
In the first nine months of this year i.e. January-September 2021, India imported $ 6850 million (Rs 5.14 lakh crore) from China, which is 52 percent more than the same period last year 2020. According to the data released by the General Administration of Customs of China, the budget deficit of $2990 million (Rs 2.25 lakh crore) in the first nine months of last year increased to $ 4,655 million (Rs 3.49 lakh crore) in January-September 2021 this year. Till September, there was a business of $ 903.8 million (Rs 6.8 lakh crore) between India and China, which may touch the level of $ 10 thousand crore (Rs 7.50 lakh crore) by the end of this year. India mainly imports smartphones, automobile components, telecom equipment, active pharma ingredients (APIs) and other chemicals from China.
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China’s economy slowed down due to these reasons
Industrial production growth was estimated at 4-4.5 per cent in September, while it was only 3.1 per cent. Due to this, China’s GDP growth remained sluggish. The whole world is trying to recover from the shocks of the Corona epidemic, while China had already surpassed the growth before the corona. After this, there is a possibility of a wider impact of the slowdown in it. Apart from this, according to the data, the growth of China was affected due to the real estate crisis caused by the oil crisis and Evergrande. According to the data, businessmen are not looking enthusiastic about new investment.
(Source: Indian Express)
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