China sees one of its worst years of growth since 1990 as recovery stalls

China’s economy last year grew at one of its slowest rates in more than three decades, official figures showed Wednesday, as it was battered by a crippling property crisis, sluggish consumption and global turmoil.

The figures were in line with expectations and even beat Beijing’s target but will likely pile fresh pressure on officials to unveil more stimulus measures to kickstart business activity and get the country’s army of consumers spending again.

China’s National Bureau of Statistics revealed that gross domestic product expanded 5.2 percent to hit 126 trillion yuan ($17.6 trillion) last year.

The reading is better than the three percent recorded in 2022, when strict zero-Covid curbs destroyed activity, but  marks the weakest performance since 1990, excluding the pandemic years.

While 5.2 percent would be looked on enviously by other governments such as the United…