China’s gross domestic product (GDP) increased 3 per cent year-on-year (YoY) to a high of 121.0207 trillion yuan (about $17.95 trillion) in 2022, despite pressures including epidemic resurgences and a complicated global environment, according to the data from the National Bureau of Statistics (NBS). In the fourth quarter of 2022, the country's GDP increased 2.9 per cent year on year.
"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.
China's GDP increased 3 per cent year-on-year to a high of 121.0207 trillion yuan (about $17.95 trillion) in 2022, despite pressures including epidemic resurgences and a complicated global environment, according to the data from the National Bureau of Statistics (NBS). In the fourth quarter of 2022, the country's GDP increased 2.9 per cent year on year.
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)
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