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China is surprisingly silent on economic data
10/17/2022, 12:11 pm
The second largest economy will not release any data on economic growth during the crucial congress of the ruling CP. The responsible authorities do not give any reason. According to estimates, the country is headed for its weakest growth in nearly half a century.
China has surprisingly delayed releasing key data on economic growth. This includes the estimate of gross domestic product for the third quarter scheduled for tomorrow, Tuesday, during the party conference of the Communist Party, as announced by the Statistics Office. Data on industrial production, retail sales and the unemployment rate are also affected by the change. An explanation for the delay was not initially given.
Already on Friday, the customs authority did not release statistics on foreign trade in September as planned, without explaining the decision. As of now, questions about when the dates will be announced remain unanswered.
On the sidelines of the party conference, leading politicians expressed optimism about the economic trend in the last summer quarter. “The economy recovered significantly in the third quarter,” National Development and Reform Commission Vice Chairman Zhao Chenxin told a news conference marking the fifth annual Communist Party Congress.
Is growth weaker than it has been in half a century?
“Consumer prices have risen slightly in line with global inflation, and employment has remained broadly stable.” However, Zhao acknowledged that there are still headwinds for the world’s second-largest economy after the United States.
After expanding just 0.4 percent in the second quarter, China’s economy is expected to grow 3.4 percent year-on-year from July to September. But the forecast for 2022 growth could be the weakest in nearly half a century, a study by economists found. The International Monetary Fund (IMF) recently lowered its forecasts for the People’s Republic, now expecting growth rates of 3.2 and 4.4 percent for 2022 and 2023, respectively.
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