JD.Com Inc JD and Pinduoduo Inc - ADR PDD shares are trading lower Tuesday afternoon. Shares of Chinese companies at large are trading lower after China's GDP growth slowed in the fourth quarter.
Our Benzinga team reported, for 2022, the world’s second-largest economy recorded 3% growth in real terms, with output coming at $121.02 trillion yuan ($17.93 billion).
NBS noted that the economy continued to grow despite downward pressures and output hit a new high, and employment and prices remained stable.
The 3% growth trailed China’s official target of 5.5% growth for the year and marked a significant slowdown from the 8.1% rate recorded for 2021.
The annual rate of growth was the slowest since 2020 when GDP growth plunged to 2.2% amid the initial COVID-19 onset. Outside of 2020, the 2022 GDP growth was the slowest since 1976, a year that marked the end of the Cultural revolution, according to World Bank data...Read More
See Also: China's Pandemic Pain, Apple 'Surprise' Rumors, Summers Backing Of IRS And More: 5 Key Stories You May Have Missed From The Weekend
According to data from Benzinga Pro:
- JD is trading lower by 5.71% to $59.97
- PDD is lower by 3.31% to $93.79
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.