China's gross domestic product (GDP) expanded by 2.9 percent year on year in the fourth quarter of 2022, and by 3 percent for the whole year, data from the National Bureau of Statistics showed Tuesday. 

The data was released at a time when the global economy has been reeling from the COVID-19 pandemic, the conflict in Ukraine and much weakened supply chains. Though falling short of China's official target of around 5.5 percent for 2022, the 3-percent expansion has exceeded expectations – a Bloomberg survey of economists had a median estimate of 2.7 percent – and spurred optimism for the country's economic growth this year.

The world's second-largest economy has recently lifted most of its COVID-19 restrictions, making it primed for a rebound that will boost confidence in domestic consumption and investment, also reinforcing global supply chains.

Morgan Stanley expects China's GDP to grow by 5.7 percent in 2023, Citigroup projects a 5.6-percent growth, and other major banks have made forecasts close to 5.5 percent.

As tourism destinations reopen and industrial activities return to normal, 31 provinces, autonomous regions and municipalities on the Chinese mainland have set their GDP growth targets for 2023, with most aiming to reach above 5 percent.