BEIJING: China's economy slowed sharply in the fourth quarter due to stringent COVID-19 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. Gross domestic product (GDP) grew 2.9 per cent year-on-year in t
BEIJING: China's economy slowed sharply in the fourth quarter due to stringent COVID-19 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.
Excluding the 2.2 per cent expansion after the initial COVID-19 hit in 2020, it is the worst showing since 1976 – the final year of the decade-long Cultural Revolution that wrecked the economy. Factory output grew 1.3 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, shrank 1.8 per cent last month, extending November's 5.9 per cent drop.
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.
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