As China is an export-dependent economy, the growth rate gradually slowed as retail sales fell due to the increase in youth unemployment.
In China, retail sales grew from 3.9% in November to 1.7% in December, and the economic growth rate slowed from 18.3% in the first quarter of last year to 7.9% in the second quarter, 4.9% in the third quarter, and 4.0% in the fourth quarter.
According to the National Bureau of Statistics of China, the urban unemployment rate last year was 5.1%, and the youth unemployment rate for 16-24 year olds was 14.3%.
China's real estate investment grew only 4.4% last year, showing a slowdown. The trade surplus with the US increased 25.1% from the previous year to $396.6 billion, with 60% of the total trade surplus turning to the US.
China's exports of $3.364 trillion last year surged 29.9% from the previous year, and a trade surplus of $676.4 billion was the largest in history, the General Administration of Customs said on the 14th.
China's economic growth rate was 8.1% last year and 2.2% growth in 2020 due to the corona shock, so it is a two-year average growth of 5.1%, but it is a decline from the early peak of last year.
China's stimulus measures include the People's Bank of China lowering the 1-year loan preferential rate (LPR) by 0.05 percentage points in December last year, and the one-year mid-term liquidity support window (MLF) rate on the 17th, by 0.1 percentage point from 2.95% to 2.85%. lowered and supported industrial production.
In the fourth quarter of last year, China's industrial production grew by 4.3%, the highest record for refined coal aluminum.
China's population last year was 10.62 million births, the lowest since the great famine of 9.4 million in 1961.
China's population growth has plunged by a quarter, from 2.04 million in 2020 to an increase of 480,000 last year.
The Korea Chamber of Commerce and Industry's 'Characteristics of Domestic Exports and Future Tasks' report said, "Korea's dependence on exports to China is 25.3%, which is the highest level compared to other major countries." May said.