China’s gross domestic product grew at its slowest pace in 18 months in the fourth quarter as the government grappled with its deepest economic challenges since the beginning of the coronavirus pandemic.
Gross domestic product expanded 4 per cent year on year, data from the National Bureau of Statistics revealed on Monday, exceeding economists’ forecasts but short of the 6.5 per cent growth in the same period for 2020.
The People’s Bank of China also cut a vital lending rate for the first time since April 2020, adding to a series of easing measures over recent months that have coincided with a property slowdown and restrictions to curb the spread of coronavirus.
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