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Friday, July 1, 2022

Economic growth in 2022: China had a surprisingly good start, but it may not last

Retail sales rose 6.7% in the first two months of 2022 compared to a year ago, according to data released by the National Bureau of Statistics (NBS) on Tuesday. That was well above the estimated 3% increase in a Reuters poll of economists.

Industrial production jumped 7.5% during the same period, surpassing the forecast of 3.9%. And investment in fixed assets, such as infrastructure and machinery, jumped 12.2% from a year earlier.

“Under the combined effect of macro policies and the efforts of businesses, the momentum of China’s economic recovery has improved in January and February, laying a solid foundation for a good start in the first quarter of this year,” said Fu Linghui, a spokesperson for the NBS, at a press conference in Beijing on Tuesday.

On the policy front, China has significantly boosted its spending on infrastructure, with many local governments kicking off big projects…

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