China's 3rd Qtr Growth Rises But Economy Still Weak

China’s economic growth accelerated in the latest quarter but still was among the slowest in decades as the country wrestled with repeated closures of cities to fight virus outbreaks, Joe McDonald reported for the Associated Press (AP).

Photo Insert: The zero-COVID wrought slump hurts China’s trading partners by depressing demand for imported oil, food, and consumer goods.

The world’s second-largest economy grew by 3.9% over a year earlier in the third quarter, up from the previous quarter’s 0.4%, according to Beijing. From January to September, growth was 3% higher than in 2021.

A briefing to announce the figures last week was delayed. The National Statistics Bureau (NSB) released the figures on its website without advance notice of the timing.

No data were immediately released for growth compared with the previous quarter, the way data for other major economies are measured. The economy shrank by 2.6% in the quarter ending in June compared with the previous three-month period.

The ruling party is trying to revive economic growth while enforcing its “Zero COVID” strategy that has temporarily shut down Shanghai and other industrial centers while other countries are lifting travel curbs and reviving trade.

The slump hurts China’s trading partners by depressing demand for imported oil, food, and consumer goods.

Repeated shutdowns and uncertainty about business conditions have devastated entrepreneurs who generate China’s new wealth and jobs. Small retailers and restaurants have closed. Others say they are struggling to stay afloat.

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