BEIJING, Oct 16 — China’s economy is expected to have seen moderate growth in the third quarter, according to an AFP survey ahead of data this week, while experts warn that...
This aerial photo taken on October 13, 2023 shows cargo ships at Qingdao port in China's eastern Shandong province. — AFP picBEIJING, Oct 16 — China’s economy is expected to have seen moderate growth in the third quarter, according to an AFP survey ahead of data this week, while experts warn that there were still significant hurdles for its recovery.
“Troubles in the property sector have spilled over into wider consumer activity and translated into consumers still spending a smaller share of their income relative to pre-Covid,” Capital Economics’ Sheana Yue said.Beijing has set a goal of around 5 per cent growth for 2023 — one of its lowest targets in years following decades of breakneck expansion.
The newest quarterly figures are due to be released on Wednesday, the same day that a slew of world leaders including Russian President Vladimir Putin arrive in Beijing for a summit on China’s Belt and Road — potentially meaning they could be delayed. But last quarter’s results missed expectations following a rapid resumption in activity in the first three months of this year.
“Sluggish external demand will continue to weigh heavily on exports and manufacturing activity,” said Brian Coulton, chief economist at Fitch Ratings.
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