China Economic Update

Wednesday 22 Jun 2022

Story 2 China Economic Update 2022 Q1 - China’s Gross Domestic Product (GDP) expanded by 4.8% in the first quarter of 2022 from a year earlier, topping expectations of a 4.4% increase and picking up from 4.0% in the fourth quarter of 2021. However, the domestic spread of the Omicron variant of COVID-19 in cities such as Changchun, Shanghai and Shenzhen have led to a tightening of pandemic-control measures in March, which has not been fully captured in the first-quarter data and might threaten economic growth in the months ahead.

China Construction Sector - According to the National Bureau of Statistics (NBS), the average new home prices in China’s 70 major cities rose 1.5% and easing from a 2.0% gain in February, pointing to fragile demand as growing Covid- 19 lockdown measures dampened consumer confidence. This was the weakest rise in new home prices since November 2015, as Beijing’s deleveraging campaign in 2021 triggered a liquidity crisis in some major property developers. Over 60 cities have eased curbs on home purchases to support the ailing property market as the surge in Omicron cases and strict lockdown measures have again cooled demand in many cities.

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Source: Canada Wood Group

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