A Chinese periodical highlighted that as a fallout of the Russia-Ukraine war, China's economy will slow down by 0.11 per cent in 2022.
'Economic Forecast Analysis', a periodical published by 'China State Information Centre' on March 14 mentioned that the war in Eastern Europe will cause the world economy to slow by 0.84 per cent and China's economy by 0.11 per cent in 2022.
The periodical also underscored that although the short-term impact on China's economy would be small, the external environment for development will become more complex and severe.
It suggested that China should prioritize stability, strengthen security and guarantee resources and energy, enhance agricultural supply capacity and maintain smooth and stable supply chains.
As the war between Russia and Ukraine continues, China is quietly distancing itself from Moscow as its economy is being slammed with sanctions from the US and its allies. Fears that Chinese companies could face US sanctions over ties with Russia had contributed to an epic sell-off in Chinese stocks in recent days. That slump was reversed when Beijing promised it would pursue policies to boost its sputtering economy and keep financial markets stable.
Chinese banks cannot afford to lose access to US dollars, and many Chinese industries cannot afford to be deprived of US technology.
( With inputs from ANI )
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