Analysts expect China likely to miss 2022 economic growth target

Analysts are expecting that China will miss its 2022 economic growth target of around 5.5% for the first time since 2015. But President Xi Jinping said the government will try hard to achieve the best possible results for the economy this year. In H2 of 2022, China should stabilise employment and prices, maintain economic operations within a reasonable range, and strive to achieve the best possible results. Gross domestic product (GDP) in H1 grew only 2.5% from a year earlier, creating huge pressure in H2 to meet forecast, amid fears of a global recession, uncertainties from the Ukraine war, and worries over any recurring Covid lockdowns. Xi said China would take more measures to achieve its annual economic goals while minimising the impact of its Covid-19 prevention and control as much as possible.