After joining the World Trade Organization in 2001, China’s economy experienced rapid growth, with an average GDP growth rate of 10.25% from 2001 to 2012. However, since Xi Jinping took office in 2013, the annual growth rate has dropped to 6.22% and plummeted to only 3% in 2022, raising questions about the future prospects of the Chinese economy.
The economic slowdown has had a notable impact on various sectors of the Chinese economy. To assess the overall health and future trajectory of the economy, it is crucial to understand which sectors have been most affected by this downturn. Despite differing opinions among experts about the severity of the economic downturn, it is clear that China is currently experiencing a trend of economic slowdown.