The Chinese economy had one of its worst performances in decades last year as growth was dragged down by numerous Covid lockdowns followed by a deadly outbreak in December that swept across the country with remarkable speed.
China grew 3 percent for the year, numbers released Tuesday show, well less than half the level in 2021 and short of Beijing’s target of 5.5 percent. Other than 2020, it was the most disappointing showing since 1976, the year Mao Zedong died, when the economy declined 1.6 percent.
The government’s strict “zero Covid” restrictions cast a pall over 2022, strangling the economy with frequent quarantines, regional lockdowns and massive spending to pay for widespread testing. Then on Dec. 7, China lifted the policy without warning after nearly three years. Within weeks, the virus had infected hundreds of millions of people, killed many older residents and left factories, offices and restaurants bereft of workers and customers.
The policy reversal by Xi Jinping, China’s top leader, has sparked hope that the economy will regain its footing this spring. Whether it does is of great significance to the world. China’s consumers are an almost irreplaceable source of revenue for homegrown and foreign companies. Its factories produce a greater share of the world’s manufacturing output than the United States, Germany and Japan combined. The Chinese Communist Party has depended on growth for political legitimacy.
