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BEIJING -China’s economy rebounded at a faster-than-expected pace in the third quarter, but strict COVID curbs, a deepening property crisis and global recession risks are challenging Beijing’s efforts to foster a robust revival over the next year.
Gross domestic product (GDP) in the world’s second-biggest economy rose 3.9 percent in the July-September quarter year-on-year, official data showed on Monday, above the 3.4 percent pace forecast in a Reuters poll of analysts, and quickening from the 0.4 percent pace in the second quarter.
The data was originally scheduled for release on Oct. 18 but was delayed amid a key Communist Party Congress last week, which ended with Xi Jinping securing a precedent-breaking third term as its leader.
“The Chinese economy has great resilience, potential and latitude,” Xi told reporters on Sunday as he unveiled the top leadership team of the Communist Party for the next five years.
“Its strong fundamentals will not change, and it will remain on a positive trajectory over the long run.”
The economy was buoyed by the manufacturing sector, with separate data showing industrial output in September rose 6.3 percent from a year earlier, beating expectations for a 4.
