Economy of world’s second-biggest, China, rebounded at a faster-than-expected pace in the third quarter (Q3), but strict Covid curbs, a prolonged property slump, and global recession risks are challenging Beijing’s efforts to foster a robust revival over the next year, reported by Reuters.
According to the report, aided by government measures to revive activity, gross domestic product (GDP) in China economy rose 3.9 per cent in the July-September quarter year-on-year (YoY), official data showed on Monday, above the 3.4 per cent pace forecast in a Reuters poll and quickening from the 0.4 per cent pace in the second quarter. However, weak demand at home and slowing exports point to a bumpy recovery as China looks set to continue with its existing zero-Covid strategy after the country wrapped up its twice-a-decade leadership reshuffle on Sunday, with Xi Jinping securing a third term as general secretary of the ruling Communist Party.