Chinas GDP expanded at its slowest pace since the mid-1970s bar the Covid-hit 2020 year, as the worlds second-largest economy struggled under tight pandemic restrictions that were abruptly ditched late in 2022. The economy grew 3% last year, well below of the 5.5% pace the government had targeted at the start of the year and the 8.1% recorded for 2021. The actual rate, however, was better than the 2.7% predicted by the World Bank. Recently there has been a growing number of defaulted loans recorded on the book of many major banks in China which some would argue that the financial problems have had clear economic effects. Critically discuss the Chinese monetary authorities measures to support a period of rapid economic growth and their possible impact on the weaknesses of the Chinese banks and their ability to function effectively to support economic growth..

1. Chinas GDP expanded at its slowest pace since the mid-1970s bar the Covid-hit 2020 year, as the
worlds second-largest economy struggled under tight pandemic restrictions that were abruptly
ditched late in 2022. The economy grew 3% last year, well below of the 5.5% pace the
government had targeted at the start of the year and the 8.1% recorded for 2021. The actual rate,
however, was better than the 2.7% predicted by the World Bank. Recently there has been a
growing number of defaulted loans recorded on the book of many major banks in China which
some would argue that the financial problems have had clear economic effects. Critically discuss
the Chinese monetary authorities measures to support a period of rapid economic growth and their
possible impact on the weaknesses of the Chinese banks and their ability to function effectively to
support economic growth.