CURRENT AFFAIRS

Detailed explanation-1: -For the full year of 2022, the economy grew by 3.0%, missing the official target of around 5.5% and marking the second slowest pace since 1976 amid the impact of Beijing’s zero-COVID policy.

Detailed explanation-2: -BEIJING-China reported GDP growth for 2022 that beat expectations as December retail sales came in far better than projected. GDP grew by 3% in 2022, the National Bureau of Statistics said Tuesday. That was better than the 2.8% forecast in a Reuters’ poll.

Detailed explanation-3: -China is forecast to overtake the US as the world’s largest economy by around 2035, while India is expected to become the world’s second largest by 2075. The two countries will be followed by the US in third place, according to a long-term outlook by Goldman Sachs.

Detailed explanation-4: -China’s economy is in bad shape because of three years of Covid lockdowns and a persistent property market slump. Economists had generally expected growth to slump to a rate between 2.7% and 3.3% for 2022, lower than the government’s target of 5.5%.

Detailed explanation-5: -In 2021, its GDP hit nearly $18 trillion, constituting 18.4% of the global economy, according to the World Bank. China’s rapid technological advances have also made it a strategic threat to the United States and its allies.