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China shows ‘significant’ recovery in Q3 but faces challenges



© Reuters. FILE PHOTO: Investors check stock prices at a brokerage office in Beijing, China January 2, 2020. REUTERS / Jason Lee

BEIJING (Reuters) – China’s economy showed a substantial recovery in the third quarter and employment was generally stable, an official at China’s state economic planning agency said on Monday, but the economy still faces many challenges and difficulties.

The comments come as the world’s second-largest economy is grappling with stringent COVID-19 regulations and a deepening asset crisis.

“The improvement of China’s economy will be underpinned as the impact of macroeconomic policies continues to be announced,” Zhao Chenxin, deputy head of the National Development and Reform Commission, said at a press conference. news conference.

Chinese President Xi Jinping touted the fight against COVID-19 as he opened the Communist Party Congress by focusing on security and reiterating policy priorities on Sunday, showing restrictions on Strict pandemic restrictions will not ease soon.

China’s economy could grow 3.4% in July-September from a year earlier, picking up pace from 0.4% growth in the second quarter, but growth is expected in 2022 could still be one of the weakest in nearly half a century, a Reuters poll shows.

Zhao added, China will vigorously promote market opening and create more space for economic development in Hong Kong and Macau.



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