New Delhi : China on Saturday said its gross domestic product (GDP) is expected to grow at 5.5 per cent in 2022, the lowest in more than 30 years.
China’s GDP growth target for 2022 is sharply lower than 8.1 per cent expansion in the economy achieved in 2021.
The annual official growth target was revealed by Premier Li Keqiang in the Government Work Report that was delivered to the opening of the annual session of the National People’s Congress (NPC), the country’s top legislature, on Saturday morning, Global Times reported.
India has emerged as the fastest-growing major economy. The Indian economy is projected to grow by 9.2 per cent in the financial year ending March 2022. For the financial year 2022-23, India has set GDP growth target of 8 to 8.5 per cent.
Though China’s target is for the calendar year while India’s target is for the financial year that runs from April to March, the economic expansion of India is set to be much faster than that of China.
According to Economic Survey 2021-22 tabled in parliament by Finance Minister Nirmala Sitharaman on January 31, India has emerged as the fastest-growing major economy in the world and is projected to occupy that position for at least the next two years.
China’s GDP growth target of 5.5 per cent for 2022, is the lowest since 1991.
Another closely-watched data is China’s deficit-to-GDP ratio, which was set at around 2.8 per cent for 2022, according to the Government Work Report.