China's GDP = Gross Domestic Product growth rate last year was +3.0% compared to the previous year.
Due to the impact of the "Zero Corona" policy, which entails strict restrictions on movement, the target of around +5.5% set by the government was greatly missed.
China's National Bureau of Statistics announced on the 17th that the GDP growth rate for the year last year was 3.0% higher than the previous year in real terms excluding price fluctuations, and the impact of the spread of the new coronavirus infection was the first to appear. It was the lowest level since 2020 when it spread.
The Chinese government set a target of around 5.5% growth for last year's economy, but it is extremely unusual to fall far short of that target.
In China, under the "zero corona" policy last year, restrictions on going out were often enforced in various places such as Shanghai, the largest economic city, causing consumption to cool down, and factories in various places to stop operating and logistics to be disrupted one after another.
In addition, problems such as the suspension of condominium construction continued in the real estate industry, the main industry, and this became a factor in the economic stagnation.
The GDP growth rate from October last year to last month, which was announced at the same time, was +2.9% compared to the same period last year.
Despite the relaxation of measures to prevent infections last month, the rate of growth shrank by 1 point compared to the previous three months, partly due to the rapid spread of infections, and the slowdown was noticeable.
The Chinese government ended its "zero corona" policy this month and is rushing to rebuild the economy, but the focus is on whether the economy will recover as the infection continues to spread.