China stabilizes economy, secures hard-won achievements in 2022
Updated 14:34, 05-Mar-2023

China stabilized the economy and secured new and hard-won achievements in development in 2022, Premier Li Keqiang said as he delivered a government work report to the opening meeting of the first session of the 14th National People's Congress in Beijing on Sunday.

Despite domestic and global pressures, including the COVID-19 pandemic, China's gross domestic product grew by 3 percent year-on-year in 2022. The country also exceeded its 2022 target of creating over 11 million new urban jobs, adding 12.06 million last year. On inflation, China successfully maintained price stability, with consumer prices increasing at a 2 percent pace last year, in contrast to high inflation levels elsewhere around the world.

Additionally, China's annual foreign trade value increased by 7.7 percent from 2021, reaching 42.07 trillion yuan ($6.09 trillion) despite headwinds in demand, supply, and expectations.

Premier Li stated that China's economy is recovering steadily, with marked improvements in consumer demand, market distribution, industrial production, and business expectations. He added that the Chinese economy continues to have vast potential and momentum for further growth.

Search Trends