China said on Saturday that its GDP will rise at a rate of 5.5 percent in 2022, the slowest in more than 30 years. China's GDP growth forecast for 2022 is significantly lower than the 8.1% expansion achieved in 2021.

Premier Li Keqiang unveiled the yearly official growth target in the Government Work Report, which was delivered before the start of the annual session of the National People's Congress (NPC), the country's top legislature, on Saturday morning, according to the Global Times.

India has risen to become the world's fastest-growing major economy. In the fiscal year ending March 2022, the Indian economy is expected to increase by 9.2%. India has set an 8 to 8.5 percent GDP growth target for the fiscal year 2022-23.

Despite the fact that China's aim is for the calendar year and India's is for the fiscal year, which runs from April to March, India's economic expansion is expected to be far quicker than China's.

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