China records 8.1 per cent growth in 2021, but analysts say recovery has been lacklustre

BEIJING - China's economy grew 4 per cent year-on-year in the three months to December, bringing its full-year growth for 2021 to 8.1 per cent,the National Bureau of Statistics said on Monday .

Still, despite China's seemingly cheery figures, economists said that its recovery has been lacklustre since its economy grew by 18.3 per cent year-on-year between January and March last year on the back of strong exports, fixed asset investments and retail sales. In November and December last year, the sales of gross floor area - an indicator of the health of the property market - fell by at least 14 per cent year-on-year each month.

As a result, a number of giant developers, such as the world's most indebted property firm Evergrande with some US$300 billion in outstanding liabilities, have been struggling with liquidity problems.Mr Ning Jizhe, who is NBS head and vice-chairman at the National Development and Reform Commission, told the media on Monday that"the domestic economy is under the triple pressures of demand contraction, supply shock and weakening expectations".

And given that"supply chains already stretched to capacity, last year's boost from surging exports can't be repeated", he added.

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