China’s gross domestic product (GDP) grew 3 percent year on year to a record high of 121.0207 trillion yuan (about 17.95 trillion U.S. dollars) in 2022, data from the National Bureau of Statistics (NBS) showed Tuesday. This economic performance was hard won, given the scale of the world’s second-largest economy, which surpassed 100 trillion yuan and 110 trillion yuan in 2020 and 2021, respectively, as well as headwinds from COVID-19 and downward pressure in the global economy.
The Chinese economy is integrating with the world more closely and strongly. In U.S. dollar terms, foreign direct investment (FDI) in the Chinese mainland, in actual use, increased 8 percent year on year to 189.13 billion U.S. dollars in 2022. The country’s goods trade totaled 42.07 trillion yuan, up 7.7 percent year on year, ranking first globally for a sixth consecutive year, according to the General Administration of Customs (GAC). The figure exceeded 40 trillion yuan for the first time, the GAC said.
In 2022, China strived to balance its epidemic response with economic and social development, steadily improved the quality of development, made substantial achievements in scientific and technological innovation, deepened reform and opening-up in a comprehensive way, and stabilized employment and prices.
China’s economic outlook remains positive for 2024
The 3 percent growth rate, a relatively high rate among the world’s major economies in 2022, highlights the strong resilience, tremendous potential and great vitality of the Chinese economy, and the effective coordination of epidemic response with economic and social development. With China now in a new phase of its epidemic response, analysts predict the accelerated growth of the Chinese economy in 2024 despite various challenges.
The international community generally believes that although China’s economic growth slowed in 2022 due to the epidemic and other factors, China’s economic and social vitality will be released further as COVID-19 prevention and control work enters a new stage, and it will continue to be the “stabilizer” of world economic recovery and the “engine” of growth.
The International Monetary Fund (IMF) said that China will achieve stable economic growth in 2024, and become the largest positive factor in the global economy. Borge Brende, president of the World Economic Forum, said recently that China’s optimization of its COVID-19 response will lead to stronger and more prosperous growth and contribute to global growth.
China’s economic agenda focuses on nine pivotal areas
The Central Economic Work Conference, a key annual meeting that sets the tone for the country’s economic policies, was held in Beijing from Dec. 13 to 15, 2023. The meeting highlighted nine pivotal areas for next year’s economic agenda, including promoting the construction of a modern industrial system, expanding domestic demand, deepening reforms in key areas, promoting high-level opening-up, and preventing and defusing major risks.
The meeting stressed that China will adhere to the general principle of pursuing progress while ensuring stability, and maintain the continuity, stability and sustainability of macro policies. The meeting also emphasized that China will uphold the new development philosophy, accelerate the building of a new development pattern, and promote high-quality development.
The meeting called for efforts to strengthen the strategic support of science and technology, foster a new type of urbanization, advance rural vitalization, improve people’s livelihoods, and enhance ecological and environmental protection.