China’s economy expanded by just 3% in 2022, marking one of the worst performances in nearly half a century
China’s economy expanded by just 3% in 2022, far below the government’s own target, marking one of the worst performances in nearly half a century. Growth was impacted heavily by months of widespread Covid lockdowns and a historic downturn in the property market. Still, the number came in slightly better than market expectations, with some signs of stabilization in the final weeks of 2022 because of policy support in infrastructure investment and credit expansion.
1% during the January-to-December period. Basic infrastructure investment—which covers railways, ports and telecommunications networks— jumped 9.4% for the whole of last year. Investment in electrical machinery and equipment manufacturing soared by 42.6% during the same period. The growth was thanks to the government’s infrastructure investment push and monetary easing efforts, analysts said.
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