Economy

China showed a “significant” recovery in the third quarter, but it faces challenges to the country’s plan

China showed a “significant” recovery in the third quarter, but it faces challenges to the country’s plan

BEIJING (Reuters) – The Chinese economy showed a significant recovery in the third quarter and employment is generally stable, but the economy still faces many challenges and difficulties, an official with the State Planner for China’s economy said on Monday.

The comments come as the world’s second-largest economy grapples with severe COVID-19 restrictions and a deepening property crisis.

“The improvement of China’s economy will be further enhanced as the macro-policy effects continue to be unleashed,” Zhao Zhenxin, vice chairman of the National Development and Reform Commission, said at a press conference.

Chinese President Xi Jinping touted the fight against COVID-19 as he kicked off the Communist Party congress by focusing on security and reiterating policy priorities on Sunday, noting that the strict curbs on the epidemic won’t ease any time soon.

A Reuters poll showed that China’s economy likely grew 3.4% in the July-September period from the previous year, ahead of a 0.4% pace of growth in the second quarter, but projected growth in 2022 could remain one of the weakest in the half. Almost a century. .

Zhao added that China will unswervingly promote the opening of its markets and give more space to the economic development of Hong Kong and Macao.

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