China’s economy grows 8.1% in 2021, slows in second half

By JOE McDONALD
AP Business Writer

BEIJING (AP) — China’s economy grew by 8.1% in 2021 but Beijing faces pressure to shore up activity after an abrupt slowdown in the second half. Government data show the economy expanded by 4% over a year earlier in the final three months of 2021. That is down from the previous quarter’s 4.9% and an eye-popping 18.3% in the year’s first three months. Activity languished under pressure from Beijing on the real estate industry, a key growth driver, to cut debt levels that Chinese leaders worry are dangerously high. The Chinese central bank announced an interest rate cut on one type of lending to commercial banks.