China G.D.P. Data Is Unexpectedly Released After Delay

In contrast, Mr. Xi, the party leader, has put a premium on social stability and national security, often with actions that have also had the effect of slowing economic growth and employment. In a speech at the opening of the party congress about a week ago, Mr. Xi mentioned security six times as often as he mentioned the economy.

“We have implemented the overall national security concept, safeguarded national sovereignty, security, and development interests with firm will and quality,” he said.

On Monday, share prices fell more than 4 percent in early trading in Hong Kong and nearly 2 percent on stock exchanges in mainland China. Mr. Xi has pushed a vision of “common prosperity,” a vaguely defined campaign of redistributing wealth that has unnerved investors.

Mr. Xi spoke during the congress of making sure that income accrues to those who labor to earn it — an implicit rebuke to those who earn their livelihoods through trading or investment.

Under Mr. Xi, regulators have clamped down on the tech sector, contributing to widespread layoffs among young employees. Dozens of the country’s private property developers have defaulted on debts after Beijing discouraged real estate speculation. Tycoons have been fleeing the country. Municipal lockdowns to stop outbreaks of Covid-19 have taken a heavy toll.

Article source: https://www.nytimes.com/2022/10/23/business/china-gdp-economy.html