China's GDP 'rebounded significantly - October 2022
The economic recovery of one of our largest trading partner, China, spells good news for Australia's growth. The National Development and Reform Commission describe China's performance as 'outstanding', with the job market steady and international payment stable whilst having marginal consumer inflation.
Chinese policymakers have rolled out a flurry of measures to bolster the world's second-largest economy, which narrowly escaped a contraction in the second quarter, as stringent COVID curbs and a deepening property slump weigh on the outlook. China's economy grew by 3.4% in the 3rd quarter from a year earlier - gaining 0.4% from the last quarter but is well below 5.5% set early in the year, and would be the first time Beijing misses its goal by such a big margin. Amid weak consumer and business confidence, firms are wary of expanding and hiring more workers. The nationwide survey-based jobless rate eased slightly to 5.3% in August from 5.4% in July. Youth unemployment stayed high at 18.7%, after reaching a record 19.9% in July.
China will take steps to stabilise its supply chains and ramp up policies to attract foreign investment, particularly in the manufacturing sector. Policies include increasing domestic energy supply capacity and increase reserve capacity for key commodities.