CHINA’S economic growth slowed in the final months of last year, official data showed today, and the central bank cut a key interest rate for the first time since the height of the pandemic.

The world’s second-biggest economy expanded 8.1% in 2021 on its strong pandemic recovery, National Bureau of Statistics (NBS) data showed, beating forecasts of 8.0% in an AFP poll. 

But growth in the fourth quarter was the slowest in more than a year, coming in at 4%. 

Authorities have been grappling with recent virus outbreaks and a property market slump, and a NBS spokesman warned today that “the domestic economy is under the triple pressures of demand contraction, supply shock and weakening expectations”.

China’s “zero-Covid” policy has allowed life within its borders to largely return to normal but the strict border measures and targeted lockdowns to fight domestic clusters have dragged on the economy.

Industrial production rose more than expected at 4.3% last month, according to official data but retail sales growth slowed to 1.7%. – AFP, January 17, 2022.