Beijing had set itself a target of 5.5 percent, a rate already much lower than the performance of 2021, when the country’s GDP increased more than eight percent. theSun theSundaily China economy GDP beijing business
: China’s economy grew 3.0 percent in 2022, official data released Tuesday showed, one of the weakest rates in 40 years owing to the Covid-19 pandemic and a real estate crisis.
In the fourth quarter, China’s economy grew 2.9 percent year-on-year, compared with 3.9 percent in the third quarter, the National Bureau of Statistics said. Tuesday’s figures represent China’s worst growth figures since a 1.6 contraction in 1976 -- the year Mao Zedong died -- and excluding 2020, after the coronavirus emerged in Wuhan in late 2019.
Strict lockdowns, quarantines and compulsory mass testing prompted the abrupt closures of manufacturing facilities and businesses in major hubs -- like Zhengzhou, home of the world’s biggest iPhone factory.
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