The Asian Giant’s Gross Domestic Product (GDP) expanded by only three percent, with which it remained below the desired 5.5 percent and showed a strong decrease compared to the 8.1 percent achieved the previous year. This is the second most noticeable economic contraction in China since 1970. The other low figure was registered at the beginning of the pandemic in 2020, with 2.4.
Influencing the fall was that in the past three months of 2022 the DGP grew by only 2.9percent, and also other low indicators, such as foreign trade and consumer good retail sales.
However, there is talk of an improvement and the Government foresees a more positive panorama for 2023 with the strengthening of market trust and the quick recovery of all actors, thanks to the end of anti-Covid-19 measures that affected consumption and productive activity.
Meanwhile, forecasts are not as goodfor the world´s second power in the population sphere, and in fact they are more concerned because a remarkable decrease is close. That occurs following the event that in 2022 deaths increased by 10.4 million and the number of people older than 60 went up to 280 million, while only 9.5 million babies were born, the lowest indicator in six decades.
The new statistics reduced to 1.411 million the number of inhabitants in the country´s continental part and with that it could stop being the most populated country on Earth in 2023 if India is confirmed to have surpassed 1.412 million people, as the UN says.
China has been under a combination of a decrease in childbirth, the racing aged population and the persistence of more men than women. Added to this are trends, such as the decrease in marriages, the rise in divorce and also that couples refuse to have children due to the high cost of living, specifically, in education.
Although the Government strives to turn the situation around, experts are urging to fully bring down the limits on the number of descendants allowed and draw more attention to the problems discouraging pregnancies.
They also warn about the event´s consequences for China´s economic development, since it will shortly stop having the benefits of the demographic bonus.
*The writer is Prensa Latina’s correspondent in Beijing, China