China releases data on weak growth after party Congress ends
26 October, 2022 | Pravina Srivastava
China has now disclosed economic statistics that had been postponed and shown decreasing growth.
One day after the conclusion of the Communist Party Congress in China, China suddenly disclosed economic statistics that had been postponed and shown decreasing growth.
National Bureau of Statistics postponed the publication of China’s GDP and other economic data last week. As per media sources, the Bureau did not provide an explanation for why it was delayed from the original date of October 18. If released on time, it would have done so in time for the much awaited communist party congress gathering in Beijing, where Chinese President Xi Jinping won an unprecedented third term in office.
Earlier on Monday Agency stated that the gross domestic product increased by only 3.9%, falling short of the Chinese government’s yearly objective of around 5.5% between July and September of this year.
The Hong Kong Hang Seng Index dropped 6% after the report was released, reaching levels not seen since the 2008 financial crisis. The Shanghai Composite and Shenzhen Composite indices also decreased by around 2% during this time.