Xi Starts Third Term With GDP Showing China Economy in Doldrums
- China releases delayed GDP data, showing mixed recovery
- Economists expect little improvement due to Covid policy
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China’s economic risks showed no signs of easing, with strict Covid controls and a property slump continuing to weigh on growth and weaker global demand curbing exports, underlining the challenges President Xi Jinping faces as he begins a third term as leader.
In data delayed almost a week, the statistics bureau’s figures showed gross domestic product rebounded to 3.9% in the third quarter from almost stagnant growth in the second quarter when Shanghai and other cities were in lockdown. The pickup was fueled by increasing investment in infrastructure, though retail sales weakened and unemployment increased.