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China’s economy expected to grow 5.3% in 2022, says govt think tank -Breaking

by Mike Robinson

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BEIJING, (Reuters) – China’s economy will grow by around 5.3% between 2022 and 2022. This would bring the annual average growth rate for 2020-2022 up to 5.2% according to the Chinese Academy of Social Sciences, a leading government think tank.

Advisors to the government will suggest that authorities establish a 2022 target for economic growth that is lower than that set in 2021, which was “above 6%”. This comes amid increasing headwinds such as a property slump, weakening exports, and tight COVID-19 restrictions that have impeded consumption.

According to CASS, the second-largest global economy should have experienced an increase of around 8.8% this year. According to the think tank, the downturn in property prices was expected to continue and impact local government spending next year.

The report urged the government to encourage a soft landing in the sector of property to prevent failed auctions in large cities and reduce the risk of falling property prices in small cities.

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