The Chinese economy recorded its fastest growth in a decade in 2021, although it declined in the last quarter due to outbreaks of the coronavirus and the decline in the real estate market, according to official figures released on Monday.
The expansion of 8.1% exceeded forecasts, but the National Statistics Office (ONE) warned that “the local economy faces the triple pressure of the contraction in demand, the shock in supply and the drop in expectations.”
Furthermore, fourth-quarter growth was the slowest of the year, at 4%.
China has grappled with recent outbreaks of the coronavirus and a housing market slump.
China’s “zero covid” policy has allowed life to normalize within its borders, but strict border controls and targeted closures to contain local infections have sapped the economy.
Industrial production grew more than expected, 4.3% in December according to official data, while retail sales growth declined to 1.7%.