Han Le and Sun Yu report from Shanghai and Beijing
China’s economy will only grow by 3% in 2022, underscoring the heavy economic costs of the long-running COVID-19 “zeroing out” policy. The Chinese government abruptly backed away from that policy last month.
China’s 2022 gross domestic product (GDP) growth figures fell short of Beijing’s previous target of 5.5%, already the lowest official GDP target in decades. Except for 2020, when the new crown epidemic began (2.2% GDP growth for the whole year), the GDP growth rate in 2022 will be the lowest level since 1976.