China GDP Data Is Unexpectedly Released After Delay

    The leader of China, Xi Jinping, has been making changes to how the countries economy is shaped and on paper it looks like a good thing. Amidst an almost global halt or recession in county's GDPs, China has increased their GDP from Q2 by 3.9%. The results were slightly delayed, leaving some questioning how reliable these number are but just looking at the overall change things are looking up in China. During this delay, Xi took the opportunity to reorganize the other leaders with him, giving the people loyal to him higher positions and demoting some of the nations top economic minds. In the new GDP data, the statistic show that the 3.9% increase was due to a massive increase in national security spending. There was even drops in the financial markets, currency power, employment, and overall economic growth. This new concept of business showed change in the short run but has not sustainability in the long run and will soon deteriorate the Chinese economy. 

    This biggest impact Xi has made on the Chinese economy is the focus on restricting the technology sector. This is a major source of income for the country, who produces and exports many to all of our devices that we use today. These planned restrictions will continue to eat at the Chinese GDP and will lead to not so favorable data for Xi and his country. Private property developers are having to default on debts and business tycoons are leaving the country in search of a more welcoming economy. The policies that are being put in place are hurting the countries economy and will lead to a decrease in GDP.

    This information about the economic unrest in China is important for Americans because when the country had their last recession in 2008, they highly relied on China's strong economy for support. With the glooming recession that America is about to face, a weaker Chinese economy is not something either country can afford right now. Both countries will be faced with hard times and neither will be able to help the other with a strong currency and/or economy. Hopefully there is another country that can maintain stability in their economy in the near future to help support economies around the world.

https://www.nytimes.com/2022/10/23/business/china-gdp-economy.html