China says it posted 8.1% GDP growth last year, and 3 other key takeaways from the country's most recent data dump
Now, there are signs of new threats amid the Omicron variant, which have prompted Chinese authorities to act more aggressively by cutting the interest rate on policy loans, said Zhuang. About 70% of analysts polled by Reuters last week weren't expected any change to the rate.
"He cannot afford to see GDP growth collapse. Reasonably high growth — i.e. 5% — is still politically correct for him, so that's why the government is acting more aggressively," said Zhuang.Even though China reported 8.1% on-year GDP growth rate in 2021, the real two-year compound annual growth rate is likely lower, around 5.5% to 6%, said Zhuang.
"Obviously, they need to revamp many of their survey samples," he said."They're not representative of the Chinese economy anymore."Company employees work 47.8 a week — about 9.5 hours a day — data in the new report shows. However, that data is skewed because authorities only started including casual workers into its data collection in 2021, said Zhuang.
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