After a six-day delay during the Communist Party's national congress, China's economy began to show faint signs of recovery in the last three months.
The country's economic output was higher in the second half of the year than it was in the first. Western economists had expected growth to be a little over 3 percent.
The growth was not what the Chinese leaders wanted. China remained heavily dependent on state-led, debt-fueled construction of road, bridges, rail lines and other infrastructure despite consumer spending recovering.
Part of the Communist Party's effort to expand its sway over the economy and society is reflected in the slow pace of China's economic recovery. China's top leader pushed out his rivals over the weekend. The premier called an emergency meeting of more than 100,000 officials in May to sound the alarm about the need to grow the economy.
The leader of the party has put a premium on social stability and national security with actions that have slowed economic growth and employment. At the opening of the party congress, Mr. Xi talked about security six times as much as he talked about the economy.
The overall national security concept, safeguarded national sovereignty, security, and development interests have been implemented.
The share prices in Hong Kong and mainland China fell on Monday. A vague campaign of redistribution of wealth has unnerved investors.
The congress of making sure that income accrues to those who labor to earn it is an implicit rebuke to those who earn their livelihood through trading or investment.
Many young employees in the tech sector have been laid off because of the regulators' strict stance on the sector. Beijing discouraged real estate speculation after dozens of the country's private property developers went bankrupt. The tycoons have left the country. It has taken a heavy toll on the people of the city.
Yeling Tan is a political scientist at the University of Oregon. She said that economic growth has been subsumed within a larger narrative.
It was a surprise when the economic data was released. It's rare for a large economy to delay the release of a report.
According to the better-than- expected data, the government delayed the release to avoid having any news last week that would distract from the party congress. The move had hurt international confidence in China's economic data.
Stephen S. Roach said that dark clouds of political suspicion would undermine official Chinese statistics for years to come.
Normally, the National Bureau of Statistics holds a news conference to talk about the country's economic performance. A set of written remarks from an agency spokesman was not included in the data release.
The trade data for September was delayed by 10 days. There was continued strength in exports and a sharp expansion of the trade surplus.
All Rights Reserved © 2024
