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China's economy loses steam as COVID-19 erupts, central bank cuts rates

Added 01-17-22 03:04:02am EST - “China's economy rebounded in 2021 from its pandemic-induced slump helped by robust exports but the pace slowed further in the fourth quarter off the back of weak consumption and a property downturn, pointing to the need for more policy…” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “China's economy loses steam as COVID-19 erupts, central bank cuts rates”. Below is an excerpt from the article.

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BEIJING -China's economy rebounded in 2021 from its pandemic-induced slump helped by robust exports but the pace slowed further in the fourth quarter off the back of weak consumption and a property downturn, pointing to the need for more policy support.

Growth in the October-December quarter hit a one-and-a-half-year low, government data showed shortly after the central bank moved to prop up the economy with a cut to a key lending rate for the first time since early 2020.

The world's second-largest economy is struggling with a rapidly cooling property sector, as well as sporadic small-scale COVID-19 outbreaks that could deal a blow to its factories and supply chains.

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