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According to the Chinese Academy of Social Sciences (CASS), a key government think tank, China’s economy would grow at a rate of roughly 5.3 percent in 2022, bringing the average annual growth rate anticipated for 2020-2022 to 5.2 percent.
Amid mounting headwinds from a property crisis, faltering exports, and tight COVID-19 regulations that have hampered spending, government advisers will recommend that authorities establish a 2022 economic growth objective lower than the “over 6%” aim set for 2021.
According to CASS’s annual blue book on the economy, the world’s second-largest economy is estimated to have grown by roughly 8% this year.
The think tank predicted that the housing downturn will continue into next year, putting a strain on local government spending.
The research encouraged the central government to orchestrate a gentle landing for the property industry ahead of time to avoid unsuccessful land auctions in major cities and the prospect of rapidly plummeting property values in smaller towns.
Story by : Norvisi Mawunyegah