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China has cut interest rates for the first time in nearly two years, as official data have shown slower economic growth rates.
To help boost the economy, the People’s Bank of China has said it will cut interest rates on one-year loans to 2.85 percent.
Gross domestic product (GDP) has increased by 4 percent in the last three months of 2021 compared to a year earlier, said the National Bureau of Statistics.
This result has been much better than the predictions of some economists, but growth has been much slower than the previous quarter.
Another sign of declining trends has been the decline in retail sales by 1.7 percent.
For the whole year, official data have shown that China’s economy has grown by 8.1 percent, exceeding even economists’s expectations and Beijing growth targets of about 6 percent.
China’s interest rate cuts set it aside from the decisions of the world’s major central banks.
The US Federal Reserve has said it plans to raise interest rates three times this year.
In the UK, the Bank of England raised interest rates last month, for the first time in more than three years, in order to combat rising prices.
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