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The Chinese Economy Is In Freefall As Severe Restrictions Persist

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According to the National Bureau of Statistics (NBS), China's GDP grew by 0.4 percent in the second quarter of 2022.

An outbreak of COVID-19 in China triggered the deadliest outbreak in nearly two years, according to CNBC. The sluggish development was a result of strict COVID-19 lockdowns in Shanghai, according to the WSJ.

The "zero-COVID" policy of President Xi Jinping has resulted in food shortages, rioting, public unhappiness, and looting.

According to the Wall Street Journal, retail sales and industrial production were affected by the lockdowns.

CNBC reported that 25.5 percent of China's GDP is still under lockdown, despite the removal of some lockdowns in Shanghai.

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As reported by the Wall Street Journal (WSJ), China's economy shrank for the second time since data collection began in 2010.

Beijing aimed for a 5.5% growth rate in 2022, but most analysts believe this will be impossible.

National Bureau of Statistics (NBS) spokeswoman: “There are challenges to achieve our expected economic growth target for the whole year,” CNN translators transcribed that statement.

NBS was asked for a statement by the Daily Caller News Foundation.

The preceding is a summary of an article that originally appeared on DailyCaller.

Written by Staff Reports

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