China's Economic Overview and Challenges
China's economy has seen easing momentum since Q3 2021 and
uneven economic development due to Covid-19
Growth momentum slowed by a
number of headwinds
China's Economic Growth
20%
Exports is the growth driver, while
consumption lags behind
Growth rate
15%
10%
5%
0%
-5%
-10%
-15%
2016
2017
2018
2019
2020
2021
Year-on-year growth
Quarter-on-quarter growth
Main Economic Indicators for China
200%
year-on-year growth (%)
150%
100%
50%
0%
-50%
-100%
2019
2020
2021
Exports
Retail Sales
.
Source: National Bureau of Statistics, PRC (data as of 17/1/2022)
The economy has faced sporadic COVID outbreaks, energy
crunches, heavy regulatory oversight, and floods.
Property market downturn has led to a decline in the real
estate sector as well as its related industries, such as
construction and building materials (cement, steel, coking
coal, etc.).
BEA東亞銀行
•
Source: National Bureau of Statistics, PRC (data as at 17/1/2022)
The exports market is surprisingly resilient, defying supply
chain bottlenecks and soaring input costs.
Meanwhile, private consumption is dragged down by Covid-
19 and the recent property market downturn.
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