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China’s economic growth remains sluggish at 3% in 2022; considers stagnant in 40 years

As per official data released on Tuesday, it was revealed that China's economic growth in 2022 remained at 3.0 percent, which is considered a sluggish rate in 40 years.

By wasmulhaq 
Updated Date

Beijing: As per official data released on Tuesday, it was revealed that China’s economic growth in 2022 remained at 3.0 percent, which is considered a sluggish rate in 40 years due to the COVID-19 pandemic and a stagnant real estate performance.

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Beijing had set the growth target of 5.5 percent; a much lower rate was fixed amid the performance of 2021, when the GDP of China went up more than eight percent.

The National Bureau of Statistics claimed that the economic growth of China in the fourth quarter grew 2.9 percent year-on-year, compared with 3.9 percent in the third quarter.

The economic growth of the world’s second-largest economy remained poor in 2022, amid a drop in global demand that led to a plunge in exports last month. Beside these rigid health restrictions, they had hampered economic activity.

China experienced the worst growth figures of 1.6 in 1976. Mao Zedong died that year. In 2020, the growth rate remains in the declining mode regarding the emergence of the coronavirus in Wuhan in late 2019.

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Several manufacturing units and businesses wind up their activities in major hubs, like Zhengzhou, home of the world’s biggest iPhone factory, owing to the implementation of strict lockdowns, quarantines, and compulsory mass testing.

Beijing also witnessed major protests last year in December, as people wanted to remove pandemic restrictions.

As per the forecast of the World Bank, the Chinese economic growth will bounce back to 4.3 percent in 2023, but it will be below expectations.

 

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