Asia Casino

Asia Casino

January 18, 2022

China’s GDP growth slows

China’s gross domestic product grew at its slowest pace in 18 months in the fourth quarter as the government grappled with a slowdown in the crucially important property sector and tried to eradicate all coronavirus cases.

Gross domestic product expanded 4% year on year, data from the National Bureau of Statistics revealed yesterday, exceeding economists’ forecasts but short of the 6.5% growth over the same period in 2020.

The People’s Bank of China also cut an important lending rate for the first time since April 2020, adding to a series of easing measures over recent months that have coincided with a property slowdown and restrictions to curb the spread of coronavirus.

The data and policy move indicated a continuing loss of momentum across China’s economy, which recovered from the initial impact of the virus far more quickly than other big economies but has struggled to maintain its pre-pandemic growth rate over the past year.