China’s economy grew by 3.9 percent in the third quarter compared to the same period last year. The statistics office reported on Monday in Beijing. After just 0.4 percent in the second quarter, the second-largest economy showed signs of recovery.
The release of growth data was surprisingly delayed last week. Authorities did not explain the reason for the move. However, observers assumed the decision was related to the simultaneous party congress in Beijing that ended on Saturday.
In particular, the strict zero Covid strategy involving quarantines and other restrictions is also slowing the Chinese economy, which is suffering from a severe real estate crisis, high debt levels and weak domestic demand.
The government is expected to fall far behind its original growth target for this year. The World Bank expects only 2.8 percent. This would be the second time China’s growth has been this low in four decades, after the first year of the 2020 pandemic. (SDA)