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China GDP: economic slowdown underlined in fourth quarter, but 2021 beat growth target
- China’s economic growth rate rose by 4 per cent in the fourth quarter of 2021, bringing full-year growth to 8.1 per cent.
- The People’s Bank of China also cut its two major policy rates by 10 basis points, further evidence of Beijing’s intention to stabilise the growth in 2022
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China’s economy slowed in the fourth quarter of last year, prompting the central bank to cut key policy rates for the first time in nearly two years to fend off strong headwinds and uncertainties created by coronavirus outbreaks.
The world’s second largest economy grew by 4 per cent in the fourth quarter of last year, slowing from the 4.9 per cent growth in the previous three months, and bringing the full-year growth rate to 8.1 per cent in 2021.
China set an economic growth target of “above 6 per cent” last year after growth hit a revised 2.2 per cent year in 2020 under pressure from the coronavirus.
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The recovery has been losing steam since the second half of 2021 after China’s economy grew by 18.3 per cent in the first quarter.
For the full year, China’s gross domestic product (GDP) stood at 114.37 trillion yuan (US$18 trillion) from the 101.36 trillion yuan in 2020.
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