As Lockdowns Continue, China’s Economy Craters


China's GDP rose 0.4% year-over-year in the second quarter of 2022, according to the NBS.

The result was the worst since the first quarter of 2020, when the COVID-19 pandemic spread in China, CNBC said. The sluggish growth was due to rigorous COVID-19 lockdowns to contain a resurgent virus strain, especially in Shanghai, the WSJ said.

President Xi Jinping's "zero-COVID" policy has led to food shortages, riots, public discontent, and looting.

Retail sales and industrial production decreased due to the lockdowns, according to the WSJ.

Some lockdowns in Shanghai have been removed, but CNBC reports that 25.5% of China's GDP is still under lockdown.

WSJ: China's economy declined quarter-to-quarter for the second time since records began in 2010.

Beijing's growth objective for 2022 was 5.5%, which most analysts consider unattainable.

“There are challenges to achieve our expected economic growth target for the whole year,” a spokesperson for the NBS said at a press conference in Beijing, according to CNN translators.

The Daily Caller News Foundation requested comment from NBS.

The preceding is a summary of an article that originally appeared on DailyCaller.


Written by Staff Reports

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