BEIJING, Jan 17 ― China's economy is expected to have slowed sharply in the fourth quarter due to stringent Covid curbs, dragging down 2022 growth to one of its worst in...
BEIJING, Jan 17 ― China's economy is expected to have slowed sharply in the fourth quarter due to stringent Covid curbs, dragging down 2022 growth to one of its worst in nearly half a century and raising pressure on policymakers to unveil more stimulus this year.
“The Chinese economy appears to have ended the year on a weak tone,” economists at JPMorgan said in a research note. Factory output is forecast to inch up 0.2 per cent in December from a year earlier, slowing from a 2.2 per cent rise in November, while retail sales, a key gauge of consumption, is seen shrinking 8.6 per cent last month, extending November's 5.9 per cent drop.
The government is due to release the GDP data, along with December activity indicators, on Tuesday at 0200 GMT. “We believe the market is still under-appreciating the far-reaching ramifications of reopening and the possibility that a decent cyclical recovery can occur despite lingering structural headwinds,” they said in a note.