A Good Year for China’s Economy
Following the government’s abandonment of its zero-COVID policy in December – and especially since the middle of last month – the economy has sprung back to life. Bolstered by fiscal and monetary expansion – for which the country has ample room – China can achieve 6% GDP growth this year.
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BEIJING – In March 2022, the Chinese government set a target of 5-5.5% GDP growth for the year. At the time, such growth levels appeared perfectly attainable. But within a month, the Omicron variant had arrived, triggering strict lockdowns that, while stemming the spread of the coronavirus, caused serious damage to the supply and demand sides of the economy. China’s growth rate for 2022 was just 3%.