China’s GDP records a 3% increase in 2022, recoding multiple new highs: NBS
Published: Feb 28, 2023 12:24 PM
GDP Photo: VCG

GDP Photo: VCG

China achieved steady economic growth in 2022 with GDP exceeding 100 trillion yuan for the third consecutive year, while consumer prices and employment remained stable on top of the nation's well-ensured grain and energy security, data from the National Bureau of Statistics (NBS) showed on Tuesday. 

The Statistical Communiqué of China on the 2022 National Economic and Social Development was released by the NBS on Tuesday ahead of the annual two sessions in early March. The communiqué outlined the nation's major achievements and performance during the past year despite headwinds from both at home and abroad.

Analysts said that the release of the communiqué before the two sessions aims to offer official data and perspective for NPC deputies and CPPCC representatives who are coming up with targeted proposals.  

China's GDP in 2022 was 121.02 trillion yuan, up 3 percent over 2021. It exceeded 100 trillion yuan in 2020 and 110 trillion yuan in 2021, reaching a new stage, Sheng Laiyun, a deputy director of NBS, said in a statement released on the bureau's website.

The economic aggregate reached $18 trillion if converted at the average annual exchange rate, ranking second in the world. GDP per capita hit $12,741 at the average annual exchange rate.

The release of the communiqué before the two sessions will help manage expectations and provide more accurate data and analysis for the deputies and representatives, and a major focus will be placed on strengthening confidence and stabilizing expectations, Cong Yi, a professor at the Tianjin University of Finance and Economics, told the Global Times on Tuesday.

The 14th National People's Congress will open its first annual session in Beijing on March 5. The first session of the 14th National Committee of the Chinese People's Political Consultative Conference will begin on March 4. 

In light of the focus for this year's two sessions, Cong expected that proposals and suggestions aimed at boosting domestic demand such as further optimizing investment structure and the development of the private sector will be highlighted. 

In terms of ensuring grain and energy security, the nation's grain output reached a new record of 1.37 trillion jin (685 billion kilograms), while crude oil production hit 204.72 million tons, exceeding 200 million tons for the first time since 2016.

The total added value for all industries exceeded 40 trillion yuan for the first time in 2022. The added value of the manufacturing sector reached 33.5 trillion yuan, showing that China maintained its status as the world's leading manufacturing hub.

The newly released data showed that 734 million jobs were created in 2022, with 459 million urban jobs being offered, accounting for 62.6 percent of the total number of the employed workers nationwide. 

The increase of the consumer price index stayed under 3 percent and only grew by 2 percent last year, significantly lower than 8 percent in the US, 8.4 percent in the EU and 9.1 percent in the UK, forming a sharp contrast between "China's price stability" and "global inflation", said Sheng. 

Sheng noted that China has a strong resilience in economic development with huge and vigorous potential, while all factors supporting high-quality development remain unchanged. China has the basis, confidence and capability to withstand various challenges, despite the uncertainties resulting from complex external factors such as a contraction in domestic demand, supply disruptions and weakening expectations.

As the two sessions approach, responsible authorities will draft relevant reports and plans while drafting new tasks in accordance with the actual situation, Chinese Premier Li Keqiang said at a meeting with officials of the National Development and Reform Commission and the Ministry of Finance on February 23.

Li added that the nation's economic growth is rebounding steadily. The recovery of consumption accelerated and market expectations rebounded significantly in the first two months of 2023.