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China’s economic growth has slowed since 2020, as the coronavirus pandemic and a government collapse in the private sector and credit levels to manufacturers brought full-year growth to 2.2 percent, the slowest since 1976.
There was a break in 2021 with a growth rate of 8.4 percent. Some of this is due to lower levels in 2021, but exports also increased as the country recovers from the first wave of the Covid-19 pandemic while the rest of the world is in lockdown.
By 2022, China’s economy grew by just 3 percent when the Covid epidemic returns to the country, it highlights the heavy costs of the government’s zero-Covid policy.
The the economy grew by 5.2 percent by 2023. Although it exceeded Beijing’s target of 5 percent, the target was the lowest in decades and confirmed that China’s era of rapid growth has stopped.
