China’s economy grew 8.1% in 2021 compared to a year ago

Fresh data from China overnight showed the nation's economic growth slowing to 4% pace in the fourth quarter, from 4.9% Y/Y growth in the third quarter, bringing the full-year growth to 8.1% Y/Y, weighed down by property-market crisis and new coronavirus outbreaks.
FY21 GDP grew 8.1% Y/Y missing analyst expectations of 8.4%, while Q4 GDP grew by 4% Y/Y beating the consensus of 3.6%.
December retail sales were up just 1.7% Y/Y missing expectations of 3.7%.
December industrial production rose by 4.3% Y/Y also beating Reuters’ forecast of 3.6% growth.
“We must be aware that the external environment is more complicated and uncertain, and the domestic economy is under the triple pressure of demand contraction, supply shock and weakening expectations,” the bureau said in a statement.
Citing diminishing expectations for fiscal stimulus, the spread of the Omicron variant Goldman Sachs significantly downgrades GDP growth in 2022 to 3.4% from 5-6% pace in 2021.
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Earlier today, PBOC lowered key interest rates for first time since April 2020.
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