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China's Economy Stays Resilient

By Qiu Ping Source: Updated: 2023-06-07

The year of 2022 has witnessed a continuous increase in China's economic size, productive forces, composite national strength and international influence.

China's economy reached new heights

GDP reached 121 trillion yuan last year, marking a further breakthrough after surpassing the 100 trillion yuan and 110 trillion yuan marks in 2020 and 2021, respectively. This was equivalent to US$18 trillion using the average exchange rate for the year, keeping our economy the second largest in the world.

Per capita GDP was 85,698 yuan, or US$12,741 using the annual average exchange rate, which meant it remained above US$12,000, higher than the global average.

Preliminary estimates indicate that China contributed nearly 20% of world economic growth in 2022, so our economy remains an important driver and stabilizer of global growth.

Industrial and agricultural development continued

In 2022, total grain output was 687 million tons, an annual increase of 0.5% and a record high, marking the 19th year of consecutive bumper harvests in China.

The production of pork, beef, mutton, and poultry totaled 92.27 million tons, up 3.8% over the previous year.

Total industrial added value exceeded 40 trillion yuan for the first time, reaching 40.2 trillion yuan, an annual increase of 3.4%.

China remained a global frontrunner in terms of output of major industrial products. Last year, China produced 27.18 million automobiles, 324.2 billion integrated circuits, 1.56 billion mobile phones, and 1.34 billion tons of steel.

Domestic demand continued to expand

In 2022, national fixed-asset investment (excluding rural households) totaled 57.2 trillion yuan, an annual increase of 5.1%, and played an effective role in fostering steady growth and performing structural adjustments.

Purchases of products with immense consumption potential such as automobiles and home appliances were encouraged, online and offline consumption became more integrated, and the gradual restoration of contact-intensive sectors such as catering and hospitality was supported.

Total retail sales of consumer goods in 2022 reached 44 trillion yuan, which was largely similar to the previous year but represented an increase of 3.2 trillion yuan compared to before the pandemic in 2019.

Employment and prices were basically stable

In 2022, the target of 11 million new entrants to the urban workforce was exceeded, with the actual figure reaching 12.06 million, the surveyed unemployment rate in cities and towns fell to 5.5%, and the total number of rural migrant workers reached 295.62 million, an annual increase of 1.1%.

The consumer price index (CPI) rose by 2% compared to the year before, below the target of 3%. This ensured that our economy remained stable.

China's balance of payments continued to improve

The total volume of trade in goods exceeded 40 trillion yuan for the first time in 2022, reaching 42.1 trillion yuan, an annual increase of 7.7%. Our trade surplus increased 35.4% from the previous year, and total trade increased further from a high base level.

Actual foreign investment utilization in China was 1.23 trillion yuan, an annual increase of 6.3%, reaching a new all-time high.

Our foreign exchange reserves remained at US$3.13 trillion at the end of 2022, maintaining China's status as having the world's largest foreign exchange reserves.