China's economy shows recovery amid rising unemployment, falling retail sales
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New Delhi: After touching the rock-bottom of inactivity, China' s economy shows signs of recovery but unemployment rate is still rising alongside retails sales are weakening.
China is facing a curious situation of asymmetric growth, which a report by Bloomberg called "mixed recovery".
However any signs of pick up is good news to the Chinese authorities who have just concluded a weeklong congress of the Communist Party anointing President Xi Jinping a sort of the supreme leader of the nation.
The data for mixed growth were held up from posting by a week during the 20 th party congress.
China's zero covid policy slowed down the economy leading to unemployment and subsequent stagnancy.
Many cities were closed even if a few cases were reported, leaving residents indoors, and stalling normal life to a great extent.
Now the report by Bloomberg says that gross domestic product grew 3.9 per cent in the July- to-September period from a year ago.
This growth suggests a rebound from stagnancy in the second quarter during the lockdown in Shanghai.
The flipside of the growth is bleaker scenario of rising unemployment which is put at 5.5 per cent in September from 5.3 per cent in August.
Another worrying factor for China's economy is the slowed growth of retail sales which stands at 2.5 per cent, compared to August's 5.4 per cent increase.
China can boast of industrial production picking up growth at 6.3 per cent in September from more than 4.2 per cent rise in August.
According to said Raymond Yeung, chief economist for Greater China at Australia & New Zealand Banking Group Ltd the data is 'mildly surprising on the upside".
China's exports in US dollar expanded 5.7 per cent last month down from 7.1 per cent in August but imports remain unchanged from the prior month, according to the report.
