China's Xi says economic recovery 'still at critical stage'. President Xi Jinping of China has described the country's economic recovery as still being in a critical phase, with slow domestic activity and issues in the property sector affecting the post-pandemic rebound. In the third quarter, China's economy expanded by 4.9%, slightly below the government's target of 5%. Despite easing COVID-19 containment measures, challenges remain, as evidenced by a drop in imports signaling weak consumer activity. Moody's recently downgraded China's credit rating outlook due to concerns about its fiscal, economic, and institutional strength, intensifying worries about the property sector's ongoing debt crisis.