December 7, 2022

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China postpones release of 3rd quarter economic report

The delay is considered unusual during the week of the 20th National Congress of the Communist Party of China

Government China The release of economic data for the 3rd quarter of 2022 scheduled for this Tuesday (18.Oct.2022) has been postponed indefinitely. This decision is without official notification National Bureau of Statistics of China A new deadline has not been set and will be held during the week 20th CPC National Congress (Chinese Communist Party), which should re-appoint the president Xi Jinping On Sunday (23.Oct.2022) he took charge of the country for the 3rd time.

On the agency’s official website, the dates of release of balance sheets such as July to September GDP (Gross Domestic Product) growth rate and industrial production report for this month “Postponed”. Updated after Chinese stock markets closed. Here is the calendar (Just like that – 420 KB, in English).

“In nearly half a century of observation I have never come across a situation where an entire series of statistical reports was delayed”said George Magnus, chief economist at UBS Investment Bank The New York Times.

The postponement raises doubts about the performance of the Chinese economy “Covid Zero”adopter Lockouts Soon after the first cases of Covid-19 were detected, the country’s major cities took hold.

Financial markets forecast 3.3% GDP growth in the 3rd quarter compared to 2021, below China’s forecast of 5.5%. Now, the performance could have been worse and expected to follow the indicated stagnation trend The highest was just 0.4% in the 2nd quarter.

The slowdown is being driven by a crisis in the Chinese real estate market, which has been plagued by litigation China Evergrande Group. The giant developer’s collapse hit the sector with billions in debt and disrupted the pace of construction across the country.

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Party Congress

Major political leaders China 20th Congress in Beijing on Sunday (16.Oct.2022). Chinese Communist Party.

The meeting will last for one week. It has been held every 5 years since 1949 when he was a communist leader Old houses He won the civil war and took power.

The 2022 conference, among others, Xi Jinping to the post of general secretary of the party and consequently to the post of president of the country. He is set to take office for a third term as president, unprecedented in China.

Xi took power in 2012. In 2018, Suspended presidential term limits, 10 years till then. As it stands, China can be steered to 2027.