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China delays release of economic data during key political meeting

China delays release of economic data during key political meeting

China announced it will delay the release of economic growth figures on Monday (Oct 17) it will hold off the release of growth statistics for the economy in the midst of a meeting with China's top management is set to meet for a summit that will award the country's president Xi Jinping a historic third term as president.

The announcement comes just a day ahead of China was predicted by analysts to release the weakest quarter-to-quarter growth rates since 2020, while the economy has been hampered by COVID-19 regulations and the real estate market crisis.

The Beijing's National Bureau of Statistics (NBS) announced that the publication of figures on growth in the 3rd quarter as a variety of other economic figures will be "postponed" without providing the reason or a new timeframe. The delay is happening as officials of China's government-controlled Communist Party gather in Beijing for their 20th Congress, which is scheduled to approve Xi's application to be president for a second term.

Zhao Chenxin, senior official of Zhao Chenxin, a senior official at National Development and Reform Commission spoke to reporters on Monday that the economy has significantly improved in the 3rd quarter. From an international perspective the Chinese economy is impressive, he said.

Many analysts had predicted the second-largest economy in the world to struggle to meet its growth goal this year, which is around 5.5 percent. Then it being the International Monetary Fund lowering its GDP growth forecast for 2022 to 3.2 percent for 2022.

An expert panel interviewed by AFP last week predicted an average growth of 3 percent in 2022, which is a long way from the 8.1 percent seen in 2021. This would have been the lowest growth rate for China over the past four decades, with the exception of 2020, the year when the world economy was hit by the spread of coronavirus.

Customs officials also put off the announcement of September's trade statistics last week, but did not provide any explanation. The NBS announced on Monday that it was also putting off its release of monthly figures for indicators such as retail sales and real estate,statement by app judi online malaysia.