China posts 3.9% Q3 GDP growth; President Xi secures third term
SINGAPORE (ICIS)–China posted an annualised GDP growth of 3.9% in the third quarter, up from 0.4% in the previous quarter, but a combination of a zero-COVID policy and a property downturn will continue to weigh on the world’s second-biggest economy.
This brings the average growth for the first nine months of 2022 at 3.0%, preliminary data from China’s National Bureau of Statistics show.
The release of the data was delayed from the original schedule of 18 October without explanation.
For the full year, China’s economic growth is expected to slow to around 3.0%, representing a sharp slowdown from the 8.1% pace in 2021, based on projections from multilateral institutions.
No easing of the zero-COVID policy was announced at the conclusion of the week-long 20th National Congress of the Communist Party of China (NCCPC) in Beijing over the weekend.
As expected, incumbent Chinese President Xi Jinping was granted a historic third term.
Thumbnail image: China President Xi Jinping at the closing ceremony of the 20th National Congress of the Communist Party of China in Beijing – 23 October 2022. (Source: EyePress News/Shutterstock)
Click here to read the Ukraine topic page, which examines the impact of the conflict on oil, gas, fertilizer and chemical markets.
Visit the ICIS Coronavirus topic page for analysis of the impact on chemical markets and links to latest news.
Speak with ICIS
Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.
Want to learn about how we can work together to bring you actionable insight and support your business decisions?