Year 2022 Is One Of The Worst Performances In The Economic History For The CCP

The domestic economy of Communist China began to slow down sharply in the 4th quarter of 2022, dragging the annual economic growth rate to one of the worst performances in half a century. Compared with the target growth rate of 5.5% set by the CCP authorities at the beginning of last year, the target growth rate has nearly been halved, showing the serious impacts on the economy due to strict lockdowns, spreading pandemic and global anti-communism. China’s National Bureau of Statistics (NBS) released various economic data on January 17 last year: Annual GDP growth of 3.0% in 2022 is far from the original target of 5.5%. Except for China’s economic growth of 2.2% at the beginning of the CCP Virus outbreak in 2020, the economic growth rate in 2022 is the worst performance of the CCP since 1976. Specifically, the three aspects that drive the economy were all underperformed last year. The real estate investment in 2022 plunged 10% year on year, which was the first decline since records began in 1999. In addition, total retail sales of consumer goods for the year decreased by 0.2% year on year, while exports increased 10.5% in RMB terms for the year which was just meeting the expectation. Overall, the real estate slump and weak consumption were the main reasons for the worst-ever China’s economy last year International agencies generally believe that China’s economy has shown signs of a rebound and is expected to resume its upward trend by the end of 2022 as the Chinese Communist Party leadership optimizes measures to prevent and control the pandemic. But the academic sectors do not share this view and some economists say that after the CCP suddenly lifted the strict pandemic prevention measures last December, the surge in confirmed cases has not slowed down so far, and the economic downturn is expected to be irreversible in the short term. Also, in terms of the overall situation, overseas demand has contracted significantly since the fourth quarter of last year. With the supply shock of high-end equipment and the increasing global moves to deal with the CCP threat, the long-term performance of China’s overall economy is not promising, even if it rebounds in the second quarter of 2023.

Picture of Aussie Brief News
Aussie Brief News

Go to First Page and Get the Latest News.

Translator: NFSC News
Design&editor: Fusu

Leave a Reply

Your email address will not be published. Required fields are marked *