The Chinese economy grew by 3.2 per cent in 2022, according to the Centre for Economics and Business Research (Cebr). This was well below forecast and seems to have been caused by lockdowns associated with its Zero Covid policy, the London-based consultancy said in a report. Zero Covid has been abandoned in Hong Kong, albeit not entirely successfully, and the consultancy expects that it will not be abandoned fully on the mainland until the population is better vaccinated. Cebr said authorities must balance the sizeable risks to public health from loosening restrictions before immunity levels are sufficiently elevated with those to the economy from keeping activity suppressed.
China is an upper-middle-income country with a PPP-adjusted GDP per capita of $21,291 as of 2022. Cebr in the report — World Economic League Table 2023 — said the country defied international trends by growing 2.2 per cent in 2020. This was followed by a…
