The growth of the Chinese economy in the third quarter will not be released on Tuesday, as originally planned. The People’s Republic has effectively “postponed” the release of its growth figures, as well as other economic indicators, sine die to Monday when the Communist Party holds its congress.
The National Statistical Office, which was originally due to release a series of indicators on Tuesday, did not provide any last-minute explanation for this unusual calendar change. Eminently political and subject to caution, China’s official GDP figure remains highly scrutinized given the country’s weight as the world’s second largest economy.
In the second quarter, the country’s gross domestic product (GDP) grew by just 0.4% year-on-year, its worst performance since 2020, after 4.8% in the first quarter.
The zero Covid policy in question?
Contrary to many countries that choose to live with the virus and lift restrictions, China continues with a strict zero covid policy. These measures, which often lead to the unexpected closure of businesses and factories, penalize activity and travel, and weigh heavily on household consumption.
Despite its impact on activity, President Xi Jinping reaffirmed the merits of his covid-zero policy on Sunday at the opening of the 20th Chinese Communist Party Congress, dashing any hope of a return to normalcy.
On Friday, China had already postponed the release of its trade figures for September without any explanation.
Source: BFM TV
