China’s economic growth rate in the first quarter of the year 2022 was 4.8 percent. Due to the lockdown in major industrial cities including Shanghai due to the Corona virus epidemic, growth figures were weak. The Chinese government has set a target of 5.5 percent growth during the current year.
According to data from China’s National Bureau of Statistics (NBS), the country’s GDP grew by 4.8 per cent year-on-year between January and March, from four per cent in the previous quarter.
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NBS spokesman Fu Linghui said China had made steady progress with continued improvement. Earlier this year, he faced some unforeseen challenges, including the volatile global situation and the COVID-19 pandemic, he said. He said the economy is showing some pressure and the key indicators have shown slow growth. At the same time, Fu said that the long-term economic fundamentals are strong and the pace of economic recovery has not changed.