China’s economy expanded by 3% in 2022

Hong Kong

China’s economy will expand by 3% in 2022, well below the government’s target, according to the National Bureau of Statistics on Tuesday.

It’s also one of the worst performances in almost half a century.

However, economic growth increased by 2.9% in the fourth quarter, beating market expectations. A Reuters poll of economists had previously estimated economic expansion at just 1.8%.

“The Chinese economy likely bottomed out in December,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management. [of Covid outbreaks] You’ve probably already passed. High-frequency indicators, such as the Traffic Congestion Index, rebounded sharply in January. ”

The statistics bureau also revealed that China’s population has declined. The country’s population was 1,411.8 million in 2022, compared to her 1,412.6 million in 2021. Analysts say the decline is her first since 1961.

“In the next few years, the population will trend downward from here. This is very important and will affect potential growth and domestic demand,” Mr Zhang said.

This is a developing story. moreover…

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