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President Xi Jinping claims China economy increased; Citizens try to return to normal activity despite COVID-19’s effect

President Xi Jinping said that the GDP of China expanded by at least 4.4% in 2022, which was far higher than many economists had anticipated. But in the next months, the COVID-19 wave might limit expansion.

Xi stated in a televised speech on New Year’s Eve on Saturday that China’s yearly GDP is anticipated to have exceeded 120 trillion yuan ($17.4 trillion) last year. That suggests growth of greater than 4.4%, which is a rather strong number.

Xi Jinping Touts Country’s Improving Economy

Most economists had predicted that growth would slow in 2022 to a pace of 2.7% to 3.3%. A far greater yearly growth objective of roughly 5.5% had been upheld by the government.

Last year, extensive COVID-19 lockdowns and a historic property drop both had a negative impact on China’s economy. In 2023, policymakers have committed to work on a reversal. 

Citizens are staking their bet that the elimination of zero-Covid and a number of property assistance measures will boost domestic demand and accelerate growth.

However, a sharp increase in COVID-19 infections since the pandemic limitations were quickly loosened in early December has raised questions about the situation. The COVID-19 outbreak is currently the worst the country has seen.

A significant step toward freeing its borders was made last week when Beijing stated it would stop requiring quarantine for foreign arrivals starting on January 8.

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COVID-19 Infections in China

China-President Xi Jinping-COVID-19-Pandemi-Health-Vaccine
China’s leader, Xi Jinping, said that the country’s GDP expanded by at least 4.4% in 2022, which was far higher than many economists had anticipated. But in the next months, the Covid wave might limit expansion.

In the hope of a boost to the economy as more people recover from infections, some people in China’s major cities of Beijing, Shanghai, and Wuhan braved the cold and an increase in COVID-19 infections to resume their daily activities on Monday.

After China abandoned strict zero-COVID measures on December 7 to adopt a strategy of living with the virus, some people who gathered to sled or ice skate on a frozen lake in the capital’s Shichahai Lake Park were optimistic about the opening up.

Nevertheless, a wave of diseases has since spread across the country after borders were largely kept closed for three years under a rigorous regime of lockdowns and constant testing.

Read more: Oil Price drops as China battles surging COVID-19 cases

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