China's economy grew at its slowest pace in four decades last year due to the coronavirus lockdown and property crisis, but a strong recovery is expected after China opens up.

According to the foreign news agency 'AFP', last year China's economic growth rate was recorded at only 3 percent, which is the lowest since the 1.6 percent growth rate in 1976. rate, when Mao Zedong died.

National Bureau of Statistics spokesman Keng Yi told reporters that the world's second-largest economy faces difficulties in 2022.

According to the report, the Chinese government could not achieve the target of 5.5 percent growth rate, while it is better than the 2.7 percent expected by experts in the survey conducted by 'AFP'. The situation remained good in the fourth quarter due to which the situation is expected to improve in 2023.

The report said that industrial production and investment in durable assets also

Oxford senior economist Louise Lowe said. Or the good news is that there are signs of stabilization now, with infrastructure investment and borrowing increasing at the end of 2022 due to policy support. Last year, the global supply chain was affected, already struggling with falling demand, rising inflation and rising interest rates.

According to the report, the strict lockdown, Mandatory coronavirus testing and quarantine have shut down industries and businesses in major cities, including Zhengzhou, home to the world's largest iPhone factory.

The World Bank predicts the Chinese economy will grow at a pace of 4.3 percent in 2023, which is lower than expected.

Reportedly due to problems in the property industry. Growth still faces challenges.

More than a third of China's GDP comes from the construction and property sector, which has been affected by the lockdown in Beijing and large numbers of people. I am badly affected after loans and speculation in 2020.