China's economic report card shows it lost some steam last year, held back by a property downturn and small-scale lockdowns across the country
The economy grew 8.1% last year - its best expansion since 2011 - and faster than a forecast 8.0%. The pace was well above a government target of "above 6%" and 2020's revised growth of 2.2%. The economy recorded its weakest growth in 44 years in 2020 but staged a faster recovery than other major economies.
On a quarter-on-quarter basis, GDP rose 1.6% in October-December, compared with expectations for a 1.1% rise and a revised 0.7% gain in the previous quarter. The People's Bank of China said it was lowering the interest rate on 700 billion yuan worth of one-year medium-term lending facility loans to some financial institutions by 10 basis points to 2.85%. It also cut the 7-day reverse repo rate ."Economic momentum remains weak amid repeated virus outbreaks and a struggling property sector. As such, we anticipate another 20 bps of cuts to PBOC policy rates during the first half of this year," said analysts at Capital Economics, in a note.
Property investment dropped 13.9% in December from a year earlier, falling at the fastest pace since early 2020, according to Reuters calculations based on official data. Investment grew 4.4% in 2021, the slowest since 2016.
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