Important economic data has not yet been published in China.
(Photo: dpa)
Beijing China is surprisingly postponing the release of important data on economic development. This also includes the assessment of gross domestic product in the third quarter scheduled for this Tuesday during the party congress of the Chinese Communist Party, as the statistics office announced on its website on Monday.
Data on industrial production, retail sales and the unemployment rate are also affected by the shift. An explanation for the delays was initially not given.
Already last Friday, the customs authority had not published the statistics on foreign trade in September as planned, without explaining this decision. Inquiries from the Reuters news agency to the customs authority as to when the data will now be announced remained unanswered.
On the fringes of the party congress, leading politicians expressed optimism about the economic trend in the past summer quarter. “The economy recovered markedly in the third quarter,” Zhao Chenxin, deputy head of the National Development and Reform Commission, said at a press conference marking the five-year Communist Party Congress.
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“Consumer prices have risen slightly, in contrast to high global inflation, and employment has generally remained stable.” However, Zhao acknowledged that there are still headwinds for the world’s second largest economy after the US.
Weak growth for 2022
The Chinese economy is expected to have grown 3.4 percent year-on-year from July to September, after expanding just 0.4 percent in the second quarter. But expected growth for 2022 could still be one of the weakest in nearly half a century, a Reuters poll of economists has found. The International Monetary Fund (IMF) recently reduced its forecasts for the People’s Republic and now expects growth rates of 3.2 and 4.4 percent for 2022 and 2023.
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