Goldman Sachs has cut its 2022 forecast for China economic growth to 4.3%, from 4.8% previously, to reflect Beijing’s restrictions on business activities that have been increased to contain the spread of Covid-19.
China has been reporting an increased number of omicron cases since late last year that resulted in a lockdown for Xian in December. Meanwhile, Henan province as well as Tianjin and Anyang city went into a partial lockdown earlier this year. The country is trying to pursue its zero-Covid policy.
Earlier this morning, the National Bureau of Statistics reported that China’s consumer price index (CPI) rose 1.5% YoY in December 2021, down from an increase of 2.3% in November.
