China’s economy 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. | Reuters
For 2022, GDP expanded 3 percent, badly missing the official target of “around 5.5 percent” and braking sharply from 8.4 percent growth in 2021. Excluding the 2.2 percent expansion after the initial COVID hit in 2020, it’s the worst showing since 1976 – the final year of the decade-long Cultural Revolution that wrecked the economy.
Beijing’s abrupt lifting of COVID curbs last month has prompted analysts’ upgrades of its economic outlook and a jump in Chinese financial markets, but businesses have struggled with surging infections, suggesting a bumpy recovery in the near term. Economists at Morgan Stanley expect an earlier and stronger growth recovery from the first quarter, lifting 2023 GDP growth to 5.7 percent.
Chinese leaders have pledged to prioritise consumption expansion to support domestic demand this year, at a time when local exporters struggle in the wake of global recession risks.At an agenda-setting meeting in December, top leaders pledged to focus on stabilising the economy in 2023 and step up policy support to ensure key targets are hit.
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