China’s GDP to increase by 3.0% in 2022

International Business News – Economic data released by China’s National Bureau of Statistics (NBS) on January 17 showed that gross domestic product (GDP), excluding the effect of price changes, actually grew by 2.9% from October to December 2022 compared to the same period a year earlier. The growth rate slowed down from the 3.9 percent growth in July-September. Strict policies on the prevention and control of the new crown epidemic became a stumbling block for economic activity, and consumption and other consumption cooled for a while after the easing of policies in December when the epidemic spread rapidly.

The real GDP growth rate of 3.0% for 2022 was also announced, which is significantly lower than the government’s target of around 5.5%. In addition to 2020 (2.2%) at the beginning of the new crown epidemic, this is a new low since 1976, when growth fell into negative territory.