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Nikkei survey pegs China’s growth rate at 5.1% for 2022, lower than ADB’s 5.3%

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China's economy is slated to grow 5.1 in 2022, a survey of 33 economists conducted by Nikkei and Nikkei Quick News has shown. This is lower than the Asian Development Bank’s projections of 5.3 per cent in 2022.

Nikkei Asia in its report said that the slowing property market and stringent Covid 19 measures that have hit economic activities will act as headwinds for China in the new year. The year 2021 was marked by stringent regulatory clampdown especially on the private sector which could have an impact on the economy in the next year.

“China’s gross domestic product was forecasted by the economists to grow at 3.3% in the October-December quarter of 2021, giving 7.9% for the entire year,” the report said.

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The projected final year growth in 2021 represents a meagre rise of one percentage points, it said. The crackdown on the private sector and Chinese President Xi Jinping’s call for Common Prosperity which have dampened sentiments could prompt Beijing to focus on bringing economic stability in the new year.

In the January to March quarter Beijing had stunned the world with an 18.3 per cent economic growth. However, economic growth has been slowing since then. In the second quarter, China, the first country to come out of the Covid 19 pandemic, clocked a GDP growth of 7.9 per cent.

Meanwhile ADB in its latest projections has pegged India’s growth rate at 7.5 per cent for the next financial year. The multilateral agency pegged India’s growth rate for 2021-22 at 9.7 per cent.