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Friday, October 7, 2022

China’s economic recovery speeds up in third quarter

China’s virus recovery has so far put it on track to be the only major economy expanding this year, according to IMF forecasts

BEIJING – China’s economy powered ahead in the third quarter, data showed Monday, building on a strong recovery from painful coronavirus lockdowns, while the country’s crucial army of consumers picked up their spending last month as they grow more confident.

However, the expansion fell short of forecasts and officials warned of uncertainty as the disease continues to ravage other key markets, with the National Bureau of Statistics saying “the international environment is still complicated”.

Having essentially shut down major cities around the country to fight the virus, China’s economy saw an unprecedented contraction in the first three months of the year but with new infection…

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