Chinese Economy Rebounds Significantly in Third Quarter: Senior Official

Image Source : China Visual

BEIJING, October 17 (TMTPOST)— Despite the fluctuations and downward pressure since 2022, the Chinese economy has generally continued to recover, said Zhao Chenxin, deputy director of the National Development and Reform Commission, on Monday at the first press conference of the 20th National Congress of the Communist Party of China (CPC).

According to Zhao, the Chinese economy fluctuated in months like March, April, and July due to the external environment, such as the pandemic and extreme weather. However, with the efficient coordination of the pandemic prevention and control and the solid promotion of economic and social development, the main economic indicators, such as industry, service industry, investment, and consumption, are recovering, and the overall recovery and development trend is maintained.

Globally, the performance of the Chinese economy remains outstanding, with China's overall price levels generally stable in contrast to soaring prices in other major economies. For example, China's consumer price index, an inflation gauge, rose by 2.8 percent year-on-year in September, while the US consumer inflation in the same month surged 8.2 percent from last year.

In addition, employment is generally stable, the balance of payments is reached, and foreign exchange reserves remain above $3 trillion.

"There are difficulties and challenges in the Chinese economy, but it is still full of opportunities," Zhao said. Affected by changes in the domestic and international environment, economic development is still facing difficulties and challenges. However, it can not be ignored that in the face of the impact of factors beyond expectations, the Chinese economy has stabilized and rebounded in a relatively short period, showcasing strong resilience and great potential.

As the current pandemic continues, efforts must be made to tackle the challenges in accelerating the reconstruction of the global industrial chain supply chain and ensuring the efficient operation of the industrial chain supply chain.