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China's economy expands 3% in 2022, among weakest growth in decades

GDP growth below official target of 5.5% as COVID, feeble global economy weigh

Office towers in Shanghai's Lujiazui financial district. China's financial capital suffered a two-month virus lockdown last year that hammered the economy.   © Reuters

SHANGHAI -- China's gross domestic product expanded 3% in 2022, marking one of its weakest annual performances in decades as Beijing's zero-COVID policy and faltering overseas demand battered the world's second-biggest economy.

The country's annual growth was also well off an earlier official target of 5.5% and comes after many financial institutions ratcheted down forecasts for the hard-hit economy. For the October-December period, the economy grew 2.9% on year, slowing from 3.9% in the third quarter, according to official statistics released on Tuesday.

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