January 18, 2022
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.