China reports 3.9% GDP growth in Q3, up from the 0.4% recorded in Q2

A day after the Communist Party of China (CPC) Congress ended with Xi Jinping securing a third term in the office, Beijing released itsthird-quarter gross domestic product figures. The data showed China's GDP grew by 3.9 per cent compared to the same period, a year ago.

While the GDP figure has definitely beaten expectations with experts estimating it to be around 3.4per cent in their predictions, it is still much lower than thegrowth target of 5.5 per cent that the Chinese Politburo had set for itself.

This uptick in the GDP numbers is also significant as China,the world's second-biggest economy grew by a tiny 0.4 per cent in the second quarter (April-June) which was a two-year low for the country.

Add WION as a Preferred Source

Read More:China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave

Such was the situation that several reports suggested thatBeijing was not willing to discuss the GDP numbers at itsquarterly economic meetings or even keep up with the year-end growth target of 5.5 per cent.

The real estate sector which has become the achilles heel for China saw investment decline of eight per cent, much greater than 7.4 per cent recorded in the first eight months of the year.

Why the slowdown in Chinese economy?

While countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy.

Read more:China to miss its year-end 5.5 per cent economic growth target

Even during the 20th CPC Congress, Xi remained adamant that his 'zero-Covid' policy was the best practice and that it was indeed working. He did suggest that the country was moving forward to open up completely but stopped short of giving any definitive timeline.

(With inputs from agencies)

WATCH WION LIVE HERE: