Update: China Posts Second-Slowest Annual Economic Growth in Decades

China’s economy recorded its second-lowest growth rate in more than four decades last year, missing the government target, with hopes of a quick recovery muted amid fallout from a nationwide outbreak of Covid-19, a property sector still mired in debt and weak overseas demand.

The country’s GDP grew 3% in 2022, data from the National Bureau of Statistics (NBS) showed Tuesday, missing the official target by 2.5 percentage points, as strict controls in line with the now-abandoned “zero-Covid” strategy slowed economic activity for months.