BEIJING : China's economic growth is likely to slow to 5.2per cent in 2022, before steadying in 2023, a Reuters poll showed, as the central bank steadily ramps up policy easing to ward off a sharper downturn.
Analysts attribute the solid 2021 expansion partly to the low base set in 2020, when the economy was jolted by COVID-19, which first emerged in China. The ensuing government lockdowns paralyzed activity across much of the country. The government is due to release 2021 and Q4 GDP data, along with December activity data, on Jan. 17 .
China's leaders aim to achieve economic growth of at least 5per cent in 2022 to keep a lid on unemployment, policy sources said.With the new year expected to start off on a weak note, the People's Bank of China is set to unveil more easing steps, though it will likely favour injecting more cash into the economy rather than cutting interest rates too aggressively, policy insiders and economists said.
Analysts expect the PBOC to cut the one-year loan prime rate , the benchmark lending rate, by 5 bps in the first quarter, followed by another 5 bps cut in the second quarter.
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