China's zero-covid policies led to a near-record slowdown in economic growth

The data confirms what many already suspected: China's stringent zero-covid policies have wreaked havoc on the nation's economy, leading to one of the worst years of economic growth on record. Official data released by China's National Bureau of Statistics today showed the country's economy eking out 3% growth in its gross domestic product in 2022. Excluding the 2.2% GDP growth in 2020, the first year of the coronavirus pandemic, last year was the worst since 1976, which saw a negative growth rate of -1.6% following the end of the decade-long Cultural Revolution launched by the late Chinese leader Mao Zedong in 1966 to purge society of perceived enemies of communism and to consolidate his grip on power. On a quarterly basis, China recorded zero growth in the fourth quarter of 2022, down from 3.9% in the previous quarter. China began rapidly and chaotically dismantling its whole-of-society zero-covid complex last month, and it remains to be seen whether the country can achieve a sizeable economic rebound this year. Target GDP growth rates released by Chinese provinces today show a majority aiming for above 5%. The International Monetary Fund is also bullish on China. Addressing the media last week, its managing director Kristalina Georgieva projected "Very high growth" for China this year.