CHINA: China’s economic growth slowed down in the three months leading up to the end of September due to ongoing issues in the property market and rising trade tensions with the US. The world’s second-largest economy expanded by 4.8% compared to the same time last year, marking its slowest growth rate in a year, according to official reports.
This data comes after China enforced strict controls on its exports of rare earths—minerals that are crucial for making electronics worldwide—which disrupted its delicate trade agreement with the US. To boost spending and support its economy, Beijing has invested billions in incentives like subsidies, higher wages, and discounts for locals. However, housing continues to be a significant obstacle for China’s economic growth, especially with uncertainty from tariffs and other trade restrictions imposed by Washington.
- Lord, we pray that God grants wisdom to China’s leaders as they navigate economic challenges, particularly in the property market and trade relations. May they implement effective strategies that lead to stability and growth for the economy, benefiting the people and businesses alike (The Holy Bible, Proverbs 10:14).
- Lord, we pray for those adversely affected by the economic slowdown, especially individuals and families facing housing issues and financial instability. May they find hope and support during difficult times, and may the government’s initiatives truly make a positive impact on their lives (The Holy Bible, Proverbs 28:19).
News Source: BBC News
Image Source: Canva
