The drop in revenue just as more spending is needed will force local authorities to either boost their already heavy debt burden or accept weaker economic growth
The better-than-expected economic data prompted questions from analysts who pointed to inconsistencies with alternative statistics that paint a grimmer picture
With a property market slump and regulatory crackdowns last year the policymakers set the lowest annual GDP target for China in decades for 2022, reported Dawn
A worst-case scenario would be a lockdown of all cities for one month, which would cut national GDP by 53 per cent over that period.
China's GDP growth could decrease by 1-2% if Beijing, in order to fight the COVID-19 outbreak which is highest in the last two years, continues to impose lockdown in large portions of the country.
In 2021, China's economy grew by 8.1 per cent to about USD 18 trillion- stated to be the best in a decade
The economy grew 8.1% in 2021, when the government set a conservative target of 'above 6%.'
China on Saturday lowered its GDP target to 5.5 per cent for this year from last year's 6.1 per cent. The new target for the second-largest economy was announced by Premier Li Keqiang in his work report presented to the National People's Congress (NPC), the country's parliament which opened its annual session here on Saturday. China's economy grew by 8.1 per cent in 2021 to about USD 18 trillion a performance that was stated to be the best in a decade. The pace of the growth was well above the government target of above six per cent in 2021. In his work report presented to the NPC, Li said China plans to create more than 11 million new jobs in 2022. He said China plans to cut the ratio of its deficit to GDP to around 2.8 per cent for the year of 2022. The fundamentals of China's economy remain unchanged, and the nation will maintain long-term growth, he said. Over 2,800 members attended the NPC which will meet here for over a week to transact the annual legislative work.
Thanks to a blistering first half amid a global boom, initial public offerings in the region have reached $190 billion so far this year.
China's economy, which staged an impressive rebound from last year's pandemic slump, has lost momentum in recent months as it grapples with surging prices
Imports, however, missed analysts' expectations, likely pointing to the overall weakness in domestic demand.
A sub-index for output showed production shrank for the third consecutive month and at a faster rate than in September.
Growth in new orders cooled in October, as the index retreated to 51.6 from 52.2. New export orders were 49.9 in October, pointing to a contraction, from 50.2 in September.
Liabilities at industrial firms rose 8.2% from a year earlier at end-September, down from 8.4% growth as of end-August.
China's economy grew at the slowest pace in a year in the third quarter
Rising commodity prices, he believes, cannot sustainably derail the bullish market momentum
In about 25 years, one-third of China's population will be retirees, and their living and health care expenses will take up one-fourth of the country's Gross domestic product (GDP)
Number of births fell to 12 mn in 2020: Census
Retail sales beat expectations while industrial output growth moderated
Economy has recovered steadily from a steep 6.8% slump in the first three months of 2020