China's economic growth slumps to one of its worst in nearly 50 years

On a quarterly basis, GDP stalled, coming in at 0.0% in the fourth quarter, compared with growth of 3.9% in July-September

China's economic growth in 2022 slumped to one of its worst in nearly half a century as the fourth quarter was hit hard by stringent COVID curbs and a property market slump, raising pressure on policymakers to unveil more stimulus this year.

Gross domestic product (GDP) grew 2.9% in October-December from a year earlier, data from the National Bureau of Statistics (NBS) showed on Tuesday, slower than the third-quarter's 3.9% pace. The rate still exceeded the second quarter's 0.4% expansion and market expectations of a 1.8% gain.

On a quarterly basis, GDP stalled, coming in at 0.0% in