China economy resilient but recovery momentum weak, NDRC official says
China's economy has withstood pressure and continues to expand, but recovery momentum remains weak, a top planning official said on Tuesday. The National Development and Reform Commission is drafting a 2026-2030 plan to boost domestic demand amid deepening external shocks and weak consumer spending.
China's economy has withstood pressure and continues to expand steadily, but the foundation and momentum for recovery remain relatively weak, a senior official at the National Development and Reform Commission (NDRC) said at a press conference on Tuesday.
The comments came a day after Beijing released better-than-expected economic growth data for the third quarter, with roaring exports offsetting consumers' tight grip on their wallets.
Zuo Gang, deputy director of the NDRC's Department of National Economic Comprehensive Affairs, said the impact of external shocks is deepening while a mismatch between strong supply and weak domestic demand remains pronounced.
"Divergence across industries is also evident, and the foundation and the momentum for a sustained economic recovery remain weak," Zuo added.
The NDRC, China's top economic planner, is drafting an implementation plan for a strategy to expand domestic demand for the period 2026-2030 and will accelerate efforts to issue and implement it, Zuo said.