China’s GDP growth will likely slow to 5.5 percent in 2022, as forecast by Bulletin of Chinese Academy of Sciences. In 2021, GDP growth reached 8.1 percent, far exceeding the target of six percent. Even though China’s GDP is likely to indicate slower growth in 2022, it in fact signals that the government aims to stabilize economic development.
In addition, the Chinese Academy of Sciences suggested that scientific epidemic prevention and control should be coordinated with economic and social development, aiming to ensure orderly but not excessive epidemic prevention. Moreover, China should step up cross-cycle adjustment of macro policies and give higher priority to ensuring steady growth of economic development. At the same time, excessive “carbon reduction” and “one-size-fits-all” measures of power and production restrictions should be abandoned. Furthermore, China should further boost consumption, for example, taking measures to expand consumption.
The growth for the primary, secondary and tertiary industries in China in 2022 is estimated at 3.1 percent, 4.5 percent and 6.5 percent, 4.5 percentage points, 3.8 percentage points and 1.7 percentage points slower than the increases recorded in 2021.