China GDP beats with a bounce in the third quarter, delayed data shows

[mahatmakanejeeves]

Source: CNBC

CHINA ECONOMY

China GDP beats with a bounce in the third quarter, delayed data shows

PUBLISHED SUN, OCT 23 2022 * 9:45 PM EDT * UPDATED MON, OCT 24 2022 * 12:53 AM EDT

Evelyn Cheng
@CHENGEVELYN https://twitter.com/chengevelyn

KEY POINTS
-- China reported Monday that third-quarter gross domestic product grew by 3.9% from a year ago, beating expectations.
-- The data was originally set for release on Oct. 18, but was delayed late on Oct. 17 with no explanation. China’s Communist Party held its 20th National Congress from Oct. 16 to Oct. 22.
-- The officially released 3.9% year-on-year growth for the third quarter marked a pickup from 0.4% in the second quarter, bringing year-to-date growth to 3%.

BEIJING — China reported Monday that third-quarter gross domestic product grew by 3.9% from a year ago, beating expectations.

The data was originally set for release on Oct. 18, but was delayed late on Oct. 17 with no explanation. China’s Communist Party held its 20th National Congress from Oct. 16 to Oct. 22.

Analysts polled by Reuters prior to Oct. 18 had expected China to report GDP growth of 3.4% for the third quarter.

The officially released 3.9% year-on-year growth for the third quarter marked a pickup from 0.4% in the second quarter, bringing year-to-date growth to 3%.

That’s still well below the official target of around 5.5%.

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Read more: https://www.cnbc.com/2022/10/24/china-third-quarter-gdp.html

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China’s economy expanded 3.9% in the third quarter, topping economists’ expectations , but challenges remain #WSJWhatsNow https://on.wsj.com/3zb0YAV

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[mahatmakanejeeves]

1. Hong Kong stocks plunge 6% as fears about Xi's third term trump China GDP data

Hong Kong stocks plunge 6% as fears about Xi’s third term trump China GDP data

By Laura He, CNN Business

Updated 9:04 AM EDT, Mon October 24, 2022

Hong Kong (CNN Business) — Hong Kong stocks had their worst day since the 2008 global financial crisis, just a day after Chinese leader Xi Jinping secured his iron grip on power at a major political gathering.

Foreign investors spooked by the outcome of the Communist Party’s leadership reshuffle dumped Chinese equities and the yuan despite the release of stronger-than-expected GDP data. They’re worried that Xi’s tightening grip on power will lead to the continuation of Beijing’s existing policies and further dent the economy.

Hong Kong’s benchmark Hang Seng (HSI) Index plunged 6.4% on Monday, marking its biggest daily drop since November 2008. The index closed at its lowest level since April 2009.

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[PortTack]

2. This is good..but doesn't appear it will be enough to fix China's coming economic collapse

George Friedman and Peter Zeihan geopolitical experts explain China’s economic dilemma in very clear terms