By most international standards, China’s 4 per cent year-on-year growth in the fourth quarter of last year was a pretty solid performance. Yet while it was slightly above most analysts’ predictions, it was the slowest pace of expansion for 18 months — representing a slide from 6.5 per cent growth during the same period of 2020. Overall, gross domestic product grew 8.1 per cent in 2021. Any sustained chill in Chinese expansion will have a global impact: according to IMF numbers, China is the biggest contributor to global GDP and was set to account for more than one-fifth of the total global growth in the five years to 2026.
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