China's GDP grows 3% YoY to $17.95 trn in 2022

"The national economy continued to develop despite downward pressure, the economic output reached a new level, the employment and prices were generally stable, people's lives were continuously improved, new achievements were secured in high-quality development, and the overall economic and social development was stable and healthy," said Kang Yi, head of the NBS, at a press conference.

In 2023, China plans to make economic stability its priority and pursue progress while maintaining stability, as per Kang.

However, the foundation of domestic economic recovery is not solid because the international situation is still complicated, while the domestic triple pressure of supply shock, demand contraction, and weakening expectations is still worrying, Kang continued.

Fibre2Fashion News Desk (DP)