BEIJING, Jan 15 — China’s economy expanded at its fastest pace for 10 years in 2021, according to an AFP poll of analysts, but its strong recovery from the Covid-19 pandemic is threatened by Omicron and a property sector slowdown.
While the forecast marks a healthy annual tick — up from 2.3 per cent in 2020 — those issues put a dampener on factory activity and led to businesses shuttering. And headwinds from the construction sector slowdown, as well as the impact of Covid measures on consumer spending, will likely pose a “significant drag” on growth this year, Biswas added.
Another major port city — Tianjin — was hit by an Omicron cluster in January, the first time the virus strain was found in the community in China.Stay-at-home orders in industrial hub Xi’an likely disrupted manufacturing activities too, said Citibank, with the city of 13 million placed under a harsh lockdown in December.
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