CHINA's economy in 2021 experienced its greatest growth in 10 years, bouncing back from a Covid-stricken 2020, reports Reuters.
The growth was boosted by robust exports, but a property slump and weakening consumption indicate a slowing in momentum and the need for increased state support.
The economy grew 8.1 per cent last year - its best expansion since 2011 - and faster than a forecast eight per cent. The pace was well over a government target of 'above six per cent' and 2020's revised growth of 2.2 per cent. The economy recorded its weakest growth in 44 years in 2020, but staged a faster recovery than other major economies.
Growth in the fourth quarter of 2021 hit a one-and-a-half-year low, government data showed shortly after the central bank moved to prop up the economy with a cut to a key lending rate for the first time since early 2020.
The world's second-largest economy is struggling with a rapidly cooling property sector, as well as sporadic small-scale Covid outbreaks that could deal a blow to its factories and supply chains.
SeaNews Turkey
The growth was boosted by robust exports, but a property slump and weakening consumption indicate a slowing in momentum and the need for increased state support.
The economy grew 8.1 per cent last year - its best expansion since 2011 - and faster than a forecast eight per cent. The pace was well over a government target of 'above six per cent' and 2020's revised growth of 2.2 per cent. The economy recorded its weakest growth in 44 years in 2020, but staged a faster recovery than other major economies.
Growth in the fourth quarter of 2021 hit a one-and-a-half-year low, government data showed shortly after the central bank moved to prop up the economy with a cut to a key lending rate for the first time since early 2020.
The world's second-largest economy is struggling with a rapidly cooling property sector, as well as sporadic small-scale Covid outbreaks that could deal a blow to its factories and supply chains.
SeaNews Turkey
