SIMIC

Policymakers have rolled out a flurry of measures to bolster the world's second-largest economy, which narrowly escaped a contraction in the second quarter, as stringent Covid curbs and a deepening property slump weigh on the outlook, reports Reuters.

"The economy picked up significantly in the third quarter," Zhao Chenxin, deputy head of the National Development and Reform Commission, told a news conference during the once-in-every-five-years Communist Party Congress.

"Consumer prices have risen modestly, in sharp contrast to the high global inflation, and the employment remained generally stable."

China will delay the release of third-quarter GDP and September activity data originally scheduled for publication at 10:00 am local time (0200 GMT) on Tuesday, according to an updated calendar on the statistics bureau's website. No explanation was given.

Policymakers have rolled out more than 50 economic support measures since late May, channelling more money into infrastructure projects and cutting taxes for businesses. The recovery will be consolidated as the effects of macro policies continue to be released, said Mr Zhao, who conceded the economy still faces multiple headwinds.

"Influenced by changes in the external and internal environment, there are still some outstanding contradictions and problems in the economic operation, and economic development still faces many difficulties and challenges," he said.

Amid weak consumer and business confidence, firms are wary of expanding and hiring more workers. The nationwide survey-based jobless rate eased slightly to 5.3 per cent in August from 5.4 per cent in July. Youth unemployment stayed high at 18.7 per cent, after reaching a record 19.9 per cent in July.