China records second-lowest economic growth figure in almost 50 years after Covid-ravaged 2022

China’s economy grew by 3 per cent in 2022, the National Statistics Bureau announced on January 17, 2023. The figure for GDP growth was the second-lowest recorded since 1976, and it comes as China recovers from a year ravaged by the coronavirus pandemic amid lockdowns and later a rise in infections as the nation stepped back from zero-Covid policies. The world’s second-largest economy continues to face multiple headwinds in 2023, and the People’s Bank of China has vowed to implement monetary policies to improve incomes and boost consumption.