According to the report of the 'Financial Post', "The COVID-19 pandemic has pierced China's development..."

Beijing:

According to China's National Bureau of Statistics (National Bureau of Statistics or NBS), China's annual GDP growth (increase in gross domestic product) has fallen to three percent, which is much lower than the government target of 5.5 percent set for the year 2022. is less.

According to the report of 'Financial Post', due to China's economic slowdown, there can be an impact worldwide.

Speaking at Davos 2023, i.e. World Economic Forum, Chinese Vice Premier Liu He had expressed in great detail the concerns and challenges facing China and the global economy.

He had said, "In the past five years, we have faced all kinds of unforeseen events, and also witnessed major changes in the political and economic landscape around the world... Therefore, the theme of this year's annual meeting is 'Cooperation in a Fractured World'. 'It's relevant..."

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The Financial Post reports, "The COVID-19 pandemic has pierced China's growth... China's GDP growth in October, 2022 was marginally lower than the forecasts published by the IMF... IMF forecasts China's GDP growth rate was around 4.4 per cent according to ... but this is the slowest growth of the Chinese economy since the 2.3 per cent GDP growth recorded in 1974..."

Observers have long talked about China falling into the middle-income trap, and now there is evidence that China is set to grow at the 10 percent or so rate recorded in the late '80s and the entire decade of the '90s. Even more than that, there are difficulties in maintaining the increase around the rate.

Kim Byung-yeon, economics professor, author and head of the Institute for Future Strategy at Seoul National University, has said that "the Chinese economy is falling into the middle-income-country trap..." According to Kim, China's affairs There has been a sharp decline in productivity, which determines the long-term growth rate.

The report of 'Financial Post' states that after the year 2014, the declining trend deepened.

China's rapid growth over the past 15 years has been driven more by building infrastructure, from factories, housing and roads, to less by structural reform and innovation.

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