It's been largely expected.
China's economic growth slowed in the third quarter, taking a hit from both internal and external factors.
According to China's National Bureau of Statistics on Monday, the world's second largest economy expanded by 4.9 percent on-year in the past three months.
That's well down on the staggering 18.3 percent on-year jump in the first quarter and around 8 percent growth in the second quarter.
But such a drop is not surprising.
China has been suffering a downturn in the real-estate market amid Evergrande's debt crisis and has also seen nationwide power outages.
Surging prices of raw materials globally also added to the list of worries.
Based on these factors, Reuters had forecast China's Q3 GDP to grow 5.2 percent, and Bloomberg 5 percent.
Earlier,global institutes also cut their 2021 economic forecast for the country.
Goldman Sachs has revised down its growth forecast to seven.eight percent from its previous eight.two saying that the energy crisis poses "significant downside pressures" and affects 44 percent of China's industrial activity.
"It will take some time before the supply issue is solved and surges in energy prices are likely to continue. With this and the current energy shortages, the slowed pace of growth is likely to continue in the fourth quarter."
Although growth of over 8 percent within this year is becoming more of a distant goal, Beijing remains calm that it could still achieve its official GDP goal of 6 percent.
Kim Sung-min, Arirang News