China's Economy Shows Strong Recovery in the Third Quarter

A spokesperson from China's government planning committee stated that the country's economy has demonstrated a strong recovery in the third quarter, with overall employment stabilizing; however, the economy still faces numerous challenges and difficulties. These remarks come at a time when the world's second-largest economy is struggling with strict COVID-19 restrictions and a worsening real estate crisis. Zhao Chenxin, Deputy Head of the National Development and Reform Commission, mentioned at a press conference that "the improvement of the Chinese economy will be strengthened as the effects of macroeconomic policies continue to be released." Chinese President Xi Jinping praised the COVID-19 response during the opening of the Communist Party conference, emphasizing security and reaffirming policy priorities on Sunday, indicating that strict pandemic restrictions will not ease anytime soon. A Reuters survey suggested that the Chinese economy likely grew by 3.4 percent in the period from July to September compared to the previous year, surpassing the 0.4 percent growth in the second quarter, although the forecasted growth for 2022 may still remain among the lowest in nearly half a century. Zhao noted that China will steadily work to enhance the openness of its markets and provide greater space for economic development in Hong Kong and Macau.