Xi Jinping estimates China’s 2022 GDP grew no less than 4.4%. But Covid distress looms

Hong Kong
CNN
 — 

China’s economic system grew no less than 4.4% in 2022, in response to chief Xi Jinping, a determine a lot stronger than many economists had anticipated. But the present Covid wave might hobble progress within the months forward.

China’s annual GDP is predicted to have exceeded 120 trillion yuan ($17.4 trillion) final 12 months, Xi mentioned in a televised New Year’s Eve speech on Saturday. That implies progress of greater than 4.4%, which is a surprisingly sturdy determine.

Economists had usually anticipated progress to droop to a price between 2.7% and three.3% for 2022. The authorities had maintained a a lot increased annual progress goal of round 5.5%.

“China’s economy is resilient and has good potential and vitality. Its long-term fundamentals remain unchanged,” Xi mentioned. “As long as we are confident and seek progress steadily, we will be able to achieve our goals.”

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2023-01-02 03:30:47 Xi Jinping estimates China’s 2022 GDP grew no less than 4.4%. But Covid distress looms
Original from www.cnn.com