China’s economy showed a significant recovery in the third quarter and employment was largely stable even amid ongoing challenges, a senior official at the country’s state planning body said on Monday.
Officials have launched a series of measures to shore up the world’s second-largest economy, which narrowly escaped a contraction in the second quarter, as stringent Covid-19 restrictions and a steepening housing market slump weigh on the outlook. .
“The economy recovered significantly in the third quarter,” Zhao Chenxin, deputy head of the National Development and Reform Commission, said at a press conference during the Communist Party Congress held once every five years.
“Consumer prices rose modestly, in sharp contrast to high global inflation, and employment remained broadly stable.”
China will delay the release of third-quarter GDP and activity data for September, originally scheduled for 10 am local time on Tuesday, according to an updated calendar on the statistics bureau’s website. No explanation was given.
China’s economy is expected to have grown 3.4% between July and September from a year earlier, picking up pace from growth of 0.4% in the second quarter, but expected growth for 2022 could still be one of the weakest. in nearly half a century, a Reuters poll suggested.
Authorities have implemented more than 50 economic support measures since late May, funneling more money into infrastructure projects and cutting taxes for businesses.
The recovery will consolidate as the effects of macro policies continue to be made public, said Zhao, who admitted that the economy still faces a number of headwinds.
“Influenced by changes in the external and internal environment, there are still some contradictions and outstanding problems in economic operation, and economic development still faces many difficulties and challenges,” he said.
China will take steps to stabilize its supply chains and intensify economic policies to attract foreign investment, particularly in the manufacturing sector, Zhao added.
Source: CNN Brasil
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