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China will be delaying the release of its economic growth figures as the Communist party prepares for a crucial meeting. The announcement comes 24 hours before the initial date for the release of the growth figures as the economy tries to recover from the Covic-19 impacts.
The National Bureau of Statistics (NBS) noted that the release of the third quarter growth figures along with other economic data will no longer hold as scheduled. However, no reason was given for the delay and no new date for the release was announced.
Communist Party To Hold Historic 20th Congress
The Officials of China’s Communist party will be meeting for their 20th Congress, a historic gathering that will endorse President Xi Jinping for the third term.
A senior official at the National Development and Reform Commission, Zhao Chenxin, stated that the economy saw significant growth in the third quarter. “From a global perspective, China’s economic performance is still outstanding,” he added.
However, several analysts believe that China will struggle to reach its growth target of 5.5% this year. The International Monetary Fund has already lowered its growth forecast for the second-largest economy in the world to 3.2%.
In another poll conducted by AFP, a panel of experts predicted an average growth of 3% for China in 2022. This is way lower than the 8% growth recorded in 2021.
Should their forecasts come true, it will be the weakest growth rate for China in more than 40 years, excluding 2020 when virtually all economies were affected by the pandemic.
Delays Show Signs Of Poor Economic Performance
The NBS has also announced a delay in the release of monthly data for economic indicators such as retail sales and real estate.
The NBS said it would also postpone the release of monthly data on indicators including real estate and retail sales. Last week, the country’s customs authorities also postponed the release of the September figures without giving any reason.
Lead for Global trade at the Economist Intelligence Unit, Nick Marro stated that these delays are signs that the Q3 performance is awful. Coincidentally, it is coming when the leading party wants to present its policy achievements to the people of China to stay in power. But most analysts believe that the economic situation will not prevent the coronation of Xi Jinping.
Read more: https://www.economywatch.com/china-delays-release-of-third-quarter-economic-growth-data