GDP for 2024 is expected to reach the target of “about 5%.”

China’s economic growth has slowed since 2020, when the coronavirus pandemic, a government crackdown on the private sector and high debt levels at property developers pushed full-year growth to 2.2 percent, its weakest rate since 1976.

There was some postponement in 2021 with a growth rate of 8.4 percent. Some of this is due to the lower base in 2021, but exports also rose as the country largely recovered from the initial wave of the Covid-19 outbreak while the rest of the world remained in lockdown.

In 2022, China’s economy It grew by only 3 percent As the Covid outbreak returns to the country, underscoring the high costs of the government’s Covid eradication policy.

Economy It grew by 5.2 percent in 2023. Although it exceeded Beijing’s target by 5 percent, the target was the lowest in decades, and it confirmed that China’s period of rapid growth had come to a halt.