Hit hard by the zero-Covid policy and slump in the real estate market, China's economy shrank to three per cent in 2022, registering its second lowest growth rate in 50 years in the world's second-largest economy, according to official data released here on Tuesday.
The annual Gross Domestic Product (GDP) of China totalled $17.94 trillion in 2022, falling below the 5.5 per cent official target, the National Bureau of Statistics (NBS) said.
The slow pace was blamed mainly on the strictly implemented zero-Covid policy leading to periodic lockdowns and the ruling Communist Party's crackdown on big industrial firms besides the lingering real estate crisis.
Bu hikaye Business Standard dergisinin January 18, 2023 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin January 18, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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