Chinese official says economy resilient but recovery momentum remains weak

BEIJING, October 20 - China's economy remains resilient and is expanding steadily, yet the foundation for recovery and momentum are relatively weak, stated an economic official at the National Development and Reform Commission (NDRC) during a press conference on Tuesday. This assessment came in the wake of the release of better-than-expected economic growth data for the third quarter on Monday, as strong exports helped offset the cautious spending habits of consumers.

According to Zuo Gang, the deputy director of the Department of National Economic Comprehensive Affairs at the NDRC, the impact of external shocks is becoming more pronounced. Additionally, there is a significant disparity between the robust supply chain and the relatively weak domestic demand, which is still evident. Zuo further emphasized that the disparities among industries are also notable, and the groundwork and momentum for a robust economic recovery are still comparatively weak.

In response to these challenges, the NDRC is currently drafting an implementation plan for the strategy aimed at expanding domestic demand from 2026 to 2030. Zuo indicated that efforts will be accelerated to issue and implement this plan.