India’s arch enemy China’s biggest decline in growth rate in 40 years, condition thin on the economic front
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Beijing : China, one of India’s arch enemies, is currently gasping for air on the economic front. Alam is that the biggest decline in its economic growth rate has been registered during the last 40 years. According to media reports, China’s economic growth rate has registered a decline of more than three percent during the year 2022. It has been mentioned in the media report that due to the measures taken to control the Corona epidemic and the slowdown in the real estate sector, China is facing economic crisis.
Although millions of people were forced to stay indoors due to the government’s zero-covid policy to prevent the spread of the corona virus, the restrictions were eased due to heavy protests by the residents of China. Had to give After this, there is some movement in the economic activities there.
China was able to grow at the rate of 3 percent in 2022
According to official data released on Tuesday, China, which is among the world’s second largest economies, was able to grow at a rate of 3 percent during the year 2022, which is less than half of the economic growth of 8.1 percent in the year 2021. It has also been told in the data that after the year 2020, this decline in China’s economy is the second biggest decline since the 1970s. This means that this is the biggest economic decline during the last 40 years. During the onset of the Corona epidemic in the year 2020, a decline in China’s economic growth was recorded by about 2.4 percent.
Signs of weakness in the real estate sector
China’s National Bureau of Statistics said economic growth slowed to 2.9 percent in the three months ended December from a year earlier, down from 3.9 percent in the previous quarter. China’s slowdown has hurt its trading partners by reducing demand for oil, food, consumer goods and other imports. The International Monetary Fund (IMF) and private sector financial agencies have advised growth to improve this year, but China’s economic growth rate is still at a modest level of around 5 per cent. Various financial agencies, including the IMF, have indicated weakness in China’s real estate industry, which is an important economic engine.
Decline in retail sales
Retail sales in China fell 1.8 percent in December from a year earlier, according to data from the National Bureau of Statistics, but it was an improvement on the previous month’s contraction of 5.9 percent. Industrial production in 2022 to grow 3.6 percent from a year earlier, indicating a recovery in activity after a 4.8 percent weakness in the third quarter of the year due to interest rate hikes in the US and European countries Weakness has been registered in the demand for Chinese goods.
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