Chinese official says economy resilient but recovery momentum remains weak

China’s economy has withstood pressure and continues to expand steadily, but the recovery foundation and momentum are relatively weak, an economic official at the National Development and Reform Commission (NDRC) told a press conference on Tuesday.

The comments were made following the release of better-than-expected economic growth data for the third quarter on Monday, as roaring exports offset consumers’ tight grip on their wallets.

• The impact of external shocks is deepening, while a mismatch between strong supply and weak demand at home remains pronounced, said Zuo Gang, deputy director for the Department of National Economic Comprehensive Affairs at the NDRC, which is the country’s top economic planner.
• Divergence across industries is also evident, and the foundation and the momentum for a sustained economic recovery remain weak, he added.
• The NDRC is drafting an implementation plan for the strategy to expand domestic demand for 2026-2030 and will accelerate efforts to issue and implement it, Zuo said.

Reuters

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