China Media Group (CMG) presented the top 10 business news stories worldwide for 2022.

1. Russia-Ukraine conflict and global energy crisis

The Russia-Ukraine conflict has triggered energy and food supply challenges, exacerbating existing food systems vulnerabilities, already weakened from the effect of climate change and the COVID-19 pandemic.

2. RCEP comes into effect

Following eight years of negotiations, the Regional Comprehensive Economic Partnership Agreement (RCEP) came into effect on January 1, 2022. The world's largest free trade deal covers 15 countries and accounts for about one-third of the world's GDP.

3. China-Arab summit opens up new prospects for China-Arab relations

The China-Arab States Summit and the China-Gulf Cooperation Council (GCC) Summit, two first-of-its-kind events in Chinese-Arab history, were held here successfully. The milestone summits have yielded fruitful results between China and Arab states. The Chinese president also elaborated on building a China-Arab community with a shared future in the new era.

4. Jakarta-Bandung high-speed rail signifies strong China-Indonesia cooperation

The Jakarta-Bandung high-speed rail is a landmark cooperation project promoted by the top leaders of China and Indonesia. After it is completed, Indonesia will become the first country in Southeast Asia to have a high-speed railway.

5. Global inflation hits new high

Inflation in the U.S. soared to 8.5 percent in March, the fastest 12-month rise since 1981. Annual inflation moderated in April, but the Consumer Price Index still increased at a rapid pace. The eurozone has also witnessed record high inflation. And emerging markets, which are more vulnerable to shocks, are feeling the pain.

6. U.S. Fed raises interest rates

The U.S. Federal Reserve (Fed) raised the fed funds rate by 50bps to 4.25 percent to 4.5 percent during its last monetary policy meeting of 2022, pushing borrowing costs to the highest level since 2007, and in line with market expectations. It was a seventh consecutive rate hike, following four straight three-quarter point increases.

7. U.S. President Joe Biden signs the CHIPS and Science Act of 2022 and the Inflation Reduction Act of 2022

In August 2022, U.S. President Joe Biden signed the CHIPS and Science Act of 2022 and the Inflation Reduction Act of 2022, and the two laws entered into force.

8. World population passes 8 billion

The number of people on Earth passed 8 billion on 15 November 2022, according to the United Nation's World Population Prospects 2022 report.

9. 2022 FIFA World Cup: China Railway Intl. Group builds Qatar's largest stadium

China has been entrusted with making a major contribution to the 2022 FIFA World Cup. China's most significant contribution was its role in the development of the Lusail Stadium, the main stadium for this year's World Cup.

10. Sunak takes over as UK prime minister amid economic crisis

Rishi Sunak became Britain's third prime minister this year, tasked with taming an economic crisis that has left the country's finances in a precarious state with millions struggling to pay their food and energy bills.