China’s economy slows sharply with GDP growth close to lowest level in 45 years

The economy grew 3% in 2022, exceeding some forecasts, but still well below China’s official target for the year

China’s GDP expanded at its slowest pace since the mid-1970s bar the Covid-hit 2020 year, as the world’s second-largest economy struggled under tight pandemic restrictions that were abruptly ditched late in 2022.

The economy grew 3% last year, well shy of the 5.5% pace the government had targeted at the start of the year. The actual rate though, was better than the 2.7% predicted by the World Bank earlier this month.