China's economic growth in 2022 slumped to one of its worst in nearly half a century as the fourth quarter was hit hard by stringent COVID curbs and a property market slump, raising pressure on policymakers to unveil more stimulus this year.
Gross domestic product grew 2.9% in October-December from a year earlier, data from the National Bureau of Statistics showed on Tuesday, slower than the third-quarter's 3.9% pace. The rate still exceeded the second quarter's 0.4% expansion and market expectations of a 1.8% gain.
For 2022, GDP expanded 3.0%, badly missing the official target of "around 5.5%" and braking sharply from 8.4% growth in 2021. Excluding the 2.2% 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.
The" data so far supports our long-held view that China's reopening boost will be somewhat anaemic at the beginning, with consumer spending being a key laggard in the initial stages," Loo said. Authorities have rolled out a flurry of support policies targeting homebuyers and property developers in recent weeks, to relieve a long-running liquidity squeeze that has hit developers and delayed the completion of many housing projects.fell for the first time since 1961
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