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China, home to a population of over 1.4 billion, is the world's second-largest economy, with the nation experiencing an average annual growth rate of 6.7 percent since 2012, driven in part by its dominance in manufacturing and its cheap exports of goods.
As of 2022, China had a GDP of $17.7 trillion, just behind the United States with a GDP of $22.9 trillion. Many economists have forecast that the former will become the world's biggest economy by 2030.
However, the country’s economy has been steadily losing momentum this year as it adapts to a strict zero-COVID strategy. As a result, business and consumer activity within the country has effectively ground to a halt, much like it did in the early stages of the pandemic, while global demand has dropped and unemployment among youth has soared....