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 GDP of China totalled 21.02 trillion yuan (USD 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. This is the slowest growth of the Chinese economy since the 2.3 per cent registered in GDP in 1974. Significantly this year, China's GDP in terms of dollars declined from USD 18 trillion in 2021 to USD 17.94 trillion last year mainly due to a sharp rise of the dollar against RMB (the Chinese currency) in 2022. In RMB terms, the Chin
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Here is the best of Business Standard's opinion pieces for today
Fiscal space should be used carefully
Spillovers from a period of pronounced weakness in the US, China and the European Union are exacerbating other headwinds faced by poorer nations
The government aims to shrink the gap to below 4.5% of GDP by 2025-26
Banerjee pointed out how the state GDP had grown manifold during the tenure of her government and about 12 million jobs have been created
Average fiscal deficit to be 4% of GDP in 2023, says agency's Sovereigns--Asia-Pacific report
Say expectations of easing inflation levels, good rabi output will be supportive of domestic demand
Govt must aim for faster consolidation
The RBI and the World Bank have projected 6.8 per cent and 6.9 per cent GDP growth respectively for FY23