As President Xi Jinping consolidates his power as China’s dictator-for-life, the Chinese economy continues to signal that his zero-COVID obsession and an expanding property and financial market crisis are inflicting extensive damage.
The latest evidence of that is an absence: last Friday, September consumer and producer price inflation data were supposed to be released, followed three hours later by the September trade data (surplus, exports and imports). And monthly data on production, investment and retail sales, plus the all-important GDP figures for the September quarter were due to be released today.
But after the inflation data was released on Friday morning, the timetable was ditched. The trade data was put back to 5pm Friday — and then didn’t happen. Then it was rescheduled for Monday (just “Monday” — no time given). That didn’t happen either. Then it was rescheduled to today, along with the production, retail sales, investment and GDP data.
But that megamix of data isn’t happening — it’s been postponed until next Monday.
Reuters reported on Tuesday morning that “a person answering the telephone in the media office at the National Bureau of Statistics (NBS) said the change was ‘due to adjustment to work arrangements’ but gave no further details”.
That GDP data has been highly anticipated after the world’s second-largest economy grew just 0.4% in the second quarter from a year earlier. Forecasts were for growth at an annual rate of 3.4% for the quarter — not good, but not a disaster as the economy shook itself free of Xi’s hardline zero-COVID policy (though the regime continues to shut down parts of China, and isolated Beijing last week as infections spread in other regions).
Also delayed was data for China’s home prices for September, which had been scheduled for publication on Wednesday. Along with the real estate investment data, the house price figures have worsened each month this year, confirming the continuing crunch in the sector which in turn is dragging down the rest of the economy.
Some analysts say the postponement is merely because the regime wants China and the world to concentrate on Xi’s coronation. Would anyone be offering that excuse if the data was good?
The thin-skinned Xi might have the Communist Party in his thrall, but the real world looks to be a lot more difficult.
If the Chinese economy is in trouble, we’re effed!! Not even our American masters can save us.
Yes, you are right Bill. Heaven forbid that we should ever try to stand on our ‘own two feet’ instead of being reliant on others. That would be asking too much of the Australian people.
However, I think that the music will keep playing for a little while yet. When, (not so much ‘if’) it eventually stops is when things become interesting.
The reason Australia doesn’t stand on its own two feet is because corporations’ stole our politicians’ shoes many, many years ago.
And we let them do that Chips because of our apathy and indifference.
“She’ll be right, mate!” “No worries!!”
That was because they had no use for them, having sold off their spines years earlier.
Interesting how inflation, soaring fuel charges and housing crises are limited mostly to developed “Western” countries. I’ve heard a number of respected economists warn recently that “The West” is in for something quite alien to current generations ie Gen X, Y Z, millenials and alphas, but all too familiar to those living in developing countries: protracted generalized scarcity.
IF there is anything resembling a future, they will tell tales of a Golden Age in the last quarter of the 1900s when adult toys were abundant, food too plentiful and flickering images & music filled the air.
Nobody will believe a word of it but it will become something in which to build a new religion demanding strict obedience to access such a Paradise after death.
Heinous and dastardly! A politician trying to look good! It could only happen in China?