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China markets slump on release of delayed economic growth data

Mount Equity Group Tokyo Japan > News > Markets > China markets slump on release of delayed economic growth data

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China unexpectedly released delayed economic data Monday, a day after the conclusion of a key Communist Party congress, showing weak growth and prompting markets to plunge.

Last week, China’s National Bureau of Statistics postponed the release of GDP and other economic indicators without explanation the day before their scheduled reporting on Oct. 18. The release would have coincided with the congress in Beijing where Chinese leader Xi Jinping went on to secure a third term and filled top leadership positions exclusively with his allies.

The release of this key economic data just after the congress adds to concerns that under Xi, politics will increasingly trump economic priorities.

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On Monday, the bureau reported that gross domestic product grew 3.9 percent between July and September of this year, slightly higher than analyst expectations…

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