Good morning. China has delayed at the last minute the release of eagerly anticipated third quarter economic data, including its closely watched gross domestic product growth rate, which were due to be issued in the middle of the 20th Communist party conference.
No explanation for the postponement was given in an update to an official statistics calendar and no new dates were provided. The National Bureau of Statistics did not immediately respond to a request for comment.
The latest figures were originally set to be published today at a politically sensitive time, with President Xi Jinping expected to use the party congress to extend his powers for a third term and outline Chain’s overarching policy approach.
The economic data were expected to highlight China’s continued economic weaknesses, including a worsening property crisis and the impact of strict zero-Covid policies that this year locked down dozens of big cities, stifled consumption and effectively closed the country off from the rest of the world.
Economists polled by Bloomberg had forecast GDP growth of 3.3 per cent year on year in the third quarter, compared with a 5.5 per cent full-year growth target that was already the lowest in three decades.
More on the Communist party conference:
As the party congress got under way yesterday, China’s state banks stepped up selling of the dollar, supporting the renminbi against the surging US currency.
Xi Jinping is steering China towards confrontation with west in his “great rejuvenation” push.
Thanks for reading FirstFT Asia. What’s your reaction to China delaying the release of its third quarter economic data? Tell me what you think at firstft@ft.com. — Emily
Five more stories in the news
1. Hunt rips up Truss’s economic policy in bid to calm markets Jeremy Hunt, the new UK chancellor, scrapped two-thirds of the controversial £45bn of unfunded tax cuts announced by his predecessor Kwasi Kwarteng and warned of “eye-wateringly difficult” decisions still to come to balance the books. The move reassured markets, but left the future of prime minister Liz Truss hanging by a thread.
Go deeper: In a knifing fit for Shakespeare’s Julius Caesar, the chancellor vanquished the rightwing “mini” Budget.
2. EU ministers advised to take tougher line on China The EU’s foreign service has advised the bloc’s members to toughen up its attitude towards China and limit areas of potential engagement, ahead of talks on recalibrating Brussels’ strategy towards Beijing. It recommended that the EU work more closely with the US, strengthen its cyber and hybrid threat defences, and diversify its supply chains away from China.
3. Blasts heard as suspected Russian drones strike Kyiv At least five explosions were heard in the centre of Kyiv early today as Russia conducted renewed strikes on the Ukrainian capital with Iran-suppled kamikaze drones. The attacks hit a building and the area near the central railway station in the Shevchenkivsky district of the capital, the target of last week’s strikes.
Sanctions: EU member states have signalled their support to impose fresh sanctions on Iran if its military backing for Russia’s war in Ukraine is proved in the wake of attacks on Kyiv allegedly using Iranian-made drones.
4. SoftBank writes off £450mn after dumping THG stake The Japanese technology investment group is dumping its entire stake in troubled UK ecommerce company THG, crystallising a £450mn loss for SoftBank. The disposal comes as the company is liquidating its internal hedge fund after a series of bad bets, including an 8 per cent stake it bought in THG in May 2021 for about £481mn.
5. Fumio Kishida orders probe of Moonies The Japanese government will launch an investigation into the Unification Church amid a public outcry over close ties between politicians and the South Korean religious group that came to light following the assassination of former prime minister Shinzo Abe. The probe into the church, commonly known as the “Moonies”, is unusual in Japan, where a guarantee of religious freedom makes it difficult for authorities to investigate such groups.
The day ahead
Opening of Qatar’s Al-Kharsaah plant The solar power plant is a key part of the country’s ambition to host the first net zero football World Cup, which begins next month.
UK cabinet meeting Cuts and “efficiency savings” will be discussed by ministers at a Downing Street reception at a formal cabinet meeting today.
Earnings Results season continues with Goldman Sachs, Hasbro, Johnson & Johnson, Lockheed Martin, Netflix, Roche and State Street among the companies reporting on Tuesday.
Join FT journalists for a subscriber-exclusive webinar on October 26 exploring what the outcome of the Communist party’s congress means for China and the world. Register for your free pass here.
What else we’re reading
All the Emperor’s men Use our interactive story to explore how Xi Jinping became China’s unrivalled leader — and how he plans to expand his power base. The most powerful ruler of China since Mao, Xi has centralised decision-making in his own hands in a way his recent predecessors could not have dreamt.
Hong Kongers at home in Britain Yowin Mo and her husband Eddie’s YouTube channel, the name of which roughly translates as “Fleeing to the UK” has nearly 40,000 subscribers. On it, they document their experience relocating from Hong Kong to the UK, as thousands of citizens of the city take advantage of Britain’s new visa.
The global race to tap Bolivia’s lithium As a global race for supplies of lithium heats up, companies from China and Russia are dominating the competition to unlock the vast potential of Bolivia, the country with the world’s biggest resource of the critical metal for electric vehicle batteries.
US Democrats’ midterms hopes falter For a brief window this summer, the Democrats’ prospects in the midterm elections were looking up. But with just under a month to go before the crucial vote, there are increasing signs that Democratic momentum has stalled. “Both chambers [of Congress] are still in play . . . but the headwinds are pretty strong,” said one Democratic strategist.
The world needs more ‘desk-bombers’ The act of approaching someone at their desk without warning has become so offensive that a buzzword has been invented to describe it. It’s part of an increasing pattern at work: an outbreak of overweening shyness, or intolerance of interruption, that is at best self-destructive and at worst unproductive, writes Pilita Clark.
Style
Disposable clothing and careless spending have inflated our wardrobes, as a new exhibit at the Designmuseum Danmark shows. The collection is part of a temporary display about the environmental consequences of the contemporary fashion industry.
Source: Economy - ft.com
