THE ASSOCIATED PRESS
April 18, 2022 at 11:40 JST
People wearing face masks shop clothing during a promotion New Year sale at a mall in Beijing on Jan. 16, 2022. (AP Photo)
BEIJING--China’s economic growth edged up to a still-weak 4.8 percent over a year ago in the first three months of 2022 as spreading coronavirus outbreaks prompted the shutdown of major industrial cities.
Growth crept up from the previous quarter’s 4 percent following a slump triggered by tighter government controls on use of debt by China’s vast real estate industry, official data showed Monday. Compared with the previous quarter, as other major economies are measured, growth declined to 1.3 percent from 1.4 percent.
First quarter growth was well below the ruling Communist Party’s official target of 5.5 percent for the year. Forecasters have said that will be hard to meet without more government stimulus spending.
Retail spending, factory output and investment in factories, real estate and other fixed assets rose.
“The national economic recovery was sustained and the operation of the economy was generally stable,” said a government statement.
Authorities have suspended access to Shanghai and some other industrial cities to contain virus outbreaks under the ruling party’s “zero-COVID” strategy to isolate every infected person. Global automakers and other manufacturers have stopped or reduced production due to supply disruptions.
The ruling party already was promising tax refunds to businesses to reverse the slump that began in mid-2021. Last week, Premier Li Keqiang, the No. 2 leader, called for quicker action to get help to struggling entrepreneurs.
Retail sales rose by a modest 3.3 percent over a year earlier after consumer demand was hurt by a government appeal for the public to avoid traveling during February’s Lunar New Year holiday, normally a time for gift-giving and banquets.
Factory output rose 6.5 percent over a year earlier. Investment in factories, real estate and other fixed assets increased 9.3 percent, possibly reflecting official orders to banks to lend more easily.
China growth surges to 18.3% but rebound leveling off
April 16, 2021
China’s March exports grow despite virus; imports flat
April 13, 2022
China’s slowing economy in spotlight as legislature meets
March 3, 2022
China’s factory output beats forecasts as Asia shakes off COVID slump
November 16, 2020
China cuts economic growth goal as it tries to reverse slump
March 5, 2022
China exports up 28% in September; surplus with U.S. at $42 billion
October 13, 2021
Here is a collection of first-hand accounts by “hibakusha” atomic bomb survivors.
A peek through the music industry’s curtain at the producers who harnessed social media to help their idols go global.
Cooking experts, chefs and others involved in the field of food introduce their special recipes intertwined with their paths in life.
A series based on diplomatic documents declassified by Japan’s Foreign Ministry
A series about Japanese-Americans and their memories of World War II
