China’s economy grew by just 0.4% year-over-year for the second quarter of 2022, according to data released by China’s National Bureau of Statistics (NBS) Friday.
The figure underperformed analysts’ predictions of 1.0% growth, according to CNBC, and was the worst since the first quarter of 2020 when the COVID-19 pandemic began spreading in China, The Wall Street Journal reported. The lackluster growth was a result of strict COVID-19 lockdowns designed to constrain a resurgent strain of the virus, particularly in the major financial hub of Shanghai, the WSJ added.
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