AEIR 2022

People’s Republic of China

Economic growth recovered to 8.1% in 2021 from 2.2% in 2020, primarily driven by consumption. However, the economy showed signs of slowing in the second half of 2021. Household consumption accelerated by 12.6% in 2022, reversing a 4.0%-contraction in 2020. On the supply side, services contributed most, growing by 4.4%, with industry up by 3.1% and agriculture by 7.1%. GDP is expected to expand by 5.0% in 2022. With monetary policy expected to ease, exports should grow along with services (as domestic consumption improves). Economic growth is forecast to moderate to 4.8% in 2023 due to a slowdown in return on investment, coupled with a shrinking labor force. 
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 3.0 (Dec22)3.0 3.0
Broad Money Growth 2 12.4 (Nov22)12.4 11.9
Headline Inflation Rate 3 1.6 (Nov22)2.1 2.3
Industrial/ Manufacturing Production Growth Rate 3 2.2 (Nov22)5.0 3.8
Merchandise Export Growth 3 -9.2 (Nov22)-9.2 -0.6
Exchange Rate Index 4 86.5 (Dec22)88.9 79.0
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; CEIC Database.

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