In March 2022, the Chinese government set a target of 5-5.5% gross domestic product growth for the year.
At the time, such growth levels appeared perfectly attainable. But within a month, the omicron variant had arrived, triggering strict lockdowns that, while stemming the spread of the coronavirus, caused serious damage to the supply and demand sides of the economy. China’s growth rate for 2022 was just 3%.
Today, however, things are looking up for China’s economy. Following the government’s rapid shift away from its "zero-COVID" policy in December — and especially since the middle of last month — the economy has sprung back to life. This renewed vitality was on display during the Spring Festival holiday in late January, when more than 300 million Chinese hit the road, up 23% from last year.