At close of trade, the benchmark Shanghai Composite Index fell 0.1%, or 3.35 points, to 3,224.25. The Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.03%, or 0.73 point, to 2,094.26. The blue-chip CSI300 index was down 0.02%, or 0.72 point, to 4,137.24.
China's economic growth in 2022 slumped to one of its worst showings in nearly half a century, with the fourth quarter hit hard by stringent COVID 19-related curbs and a property market slump,
China's gross domestic product posted an annual growth of 2.9% in the fourth quarter, weaker than the 3.9% expansion seen in the third quarter, according to data from the National Bureau of Statistics (NBS)revealed on Tuesday. In the whole year of 2022, GDP growth was 3%, missing government's target of around 5.5%. China's provinces are projecting economic growth of 5-6% for 2023.
NBS data also showed that retail sales dropped only 1.8% annually in December. Moreover, industrial output, an important economic indicator, expanded by 3.6% year-on-year in 2022 and 1.3% in December. China's fixed-asset investment went up 5.1% in 2022.
CURRENCY NEWS: China's yuan weakened against the dollar on Tuesday, inline with softer mid-point fixing by China's central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.7222 per dollar, 87 pips or 0.13% weaker than the previous fix of 6.7135. In the spot market, the onshore yuan CNY=CFXS opened at 6.7321 per dollar and eased to a low of 6.7676 at one point, the weakest since Jan. 11. By midday, it was changing hands at 6.7605, 225 pips softer than the previous late session close.
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