China lowers interest rate as Economic Growth Slows – the central bank of China cut its key interest rate for the first time in almost two years since 2020, led by weakened economic growth.
GDP (Gross domestic product) grew by 4% in the 4th quarter of 2021 from Q42020, which was higher than the 3.3% rise projected by economists but slower than in previous three months, the National Bureau of Statistics reported.
For the full year, the 2nd largest world economy expanded by 8.1%, significantly higher than the government’s target of more than 6%.
The economy expanded by 1.6% on a QoQ (quarter-on-quarter) basis, in the 4th quarter of the year.
2022’s outlook is still unclear as global demand is forecasted to slow down, and with the omicron variant entering and still spreading inside and outside the country, and escalating housing market crisis that began with China Evergrande Group.
Beijing has prioritized economic stability this year, ahead of a meeting in 2nd half 2022 where President Xi Jinping is expected to be confirmed as leader again.
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You can read more about China lowers Interest rate as Economic Growth Slows at https://www.straitstimes.com/business/economy/china-cuts-key-interest-rates-for-first-time-since-april-2020
