China's strict COVID-19 restrictions led to a 0.4 percent year-over-year GDP growth rate in the second quarter, the weakest growth since the coronavirus outbreak in the first quarter of 2020.
To reach the goal of 5.5 percent GDP growth for 2022, the Chinese government has unveiled a broad package of economic support measures to stimulate the economy, including tax cuts and funneling money into public infrastructure projects.
“The main downward pressure that caused less-than-expected economic growth came from the housing market,” said Dan Wang, chief economist at Hang Seng Bank. According to Friday’s data, real estate investment dropped 5.4 percent year-over-year in the second half of 2022. In recent weeks, homebuyers in more than 50 cities refused to pay mortgage payments on unfinished projects. According to Bloomberg, regulators and banks are in discussion on how to prevent the disaster from spreading to other sectors.
“In the second half of this year, the real estate pressure will continue even if COVID[-19]- related measures have managed to ease. The housing market will continue to weaken as income increase slows, which in turn puts more liquidity pressure on property developers,” said Wang.retail market, growth prospects will also remain lackluster.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
'COVID is not done with us': Why is the BA.5 COVID-19 variant so contagious?The COVID-19 pandemic is far from over, according to experts.
Consulte Mais informação »
'COVID is not done with us': Why is the BA.5 COVID-19 variant so contagious?The COVID-19 pandemic is far from over, according to experts.
Consulte Mais informação »
'COVID is not done with us': Why is the BA.5 COVID-19 variant so contagious?The COVID-19 pandemic is far from over, according to experts.
Consulte Mais informação »
San Diego County enters highest and most severe COVID-19 levelCoronavirus activity appears to be on the rise again post Fourth of July
Consulte Mais informação »
Miami Woman Sold Phony COVID-19 Test Results to Travelers: FBIAccording an arrest report, the FBI began investigating the Florida woman in January of 2021 after learning of a scheme in which she was believed to be selling false COVID-19 lab test results.
Consulte Mais informação »
Tracking COVID-19 in Alaska: State reports uptick in hospitalizations, cases over 7-day periodAfter a review of death certificates, the Alaska health department also reported 24 COVID-19 deaths that it says occurred from January to June.
Consulte Mais informação »