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China's economy faces triple threat after growth misses target

Low exports, increased savings and COVID wave threat cloud outlook in 2023

People wait to board a train at a railway station in Shanghai on Jan. 16. Hundreds of millions of Chinese typically travel around the Lunar New Year to spend the holidays with family.   © Reuters

BEIJING -- China's economy will lurch toward a recovery in 2023 following the end of strict zero-COVID restrictions, but slow exports, increased savings and a potential resurgence in infections hang over the country's outlook.

China's real gross domestic product grew 2.9% on the year in the October-December quarter, the National Statistics Bureau reported Tuesday, slowing from a 3.9% increase in July-September. Seasonally adjusted real GDP remained flat across the two quarters.

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