Economic growth in China is expected to moderate to 3.3 per cent this year

Economic growth in China is expected to moderate to 3.3 per cent this year, amid restrictions related to the COVID-19 pandemic and tepid consumer demand, according to a new report by the Asian Development Bank (ADB).

China’s economy is forecast to grow 4.5 per cent in 2023, according to the recently released Asian Development Outlook (ADO) 2022 Update.

The COVID-19 pandemic continues to weigh on consumer confidence in China. External trade is projected to moderate in the second half of 2022, as demand for consumer goods softens in advanced economies amid rising inflation and energy prices