China has reported GDP growth for 2022 that beat expectations as December retail sales came in far better than projected.
Kang Yi, director of the National Bureau of Statistics, cast China’s 3% growth as “relatively fast” in light of unexpected situations and in contrast to Germany, the U.S. and Japan.
“Businesses still face many difficulties in production and operation, scientific and technological innovation is not strong enough, and people still have considerable difficulties in employment,” Kang said in Mandarin, translated by CNBC. “We still need to make strenuous efforts to promote overall economic improvement.”
Looking ahead to this year, JLL’s Bruce Pang expects support for the property market and the ability of people to move freely will help retail sales recover to 8% growth by the fourth quarter.Retail sales fell by 0.2% for the year. But retail sales in December declined by 1.8% from a year ago, less than the expected 8.6% plunge predicted by a Reuters poll.
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