Guangzhou (JLC), January 17, 2023--China’s economy posted steady growth in 2022 despite epidemic resurgences that hit domestic production and demand, high energy prices and very challenging international environments.
The country's gross domestic product (GDP) grew by 3% year on year to a record high of 121.02 trillion yuan (about 17.95 trillion U.S. dollars) in 2022, data from the National Bureau of Statistics (NBS) showed on Tuesday.
In the fourth quarter, the country's GDP expanded by 2.9% year on year, slowing down from 3.9% in the third quarter, according to the NBS. The fastest growth was recorded in the first quarter, at 4.8%, before slowing down to 0.4% in the second quarter.
The value added by the primary industry gained 4.1% to about 8.83 trillion yuan last year, that by the secondary industry grew by 3.8% to roughly 48.32 trillion yuan and that by the tertiary industry rose by 2.3% to approximately 63.87 trillion yuan, the NBS data shows.
The investment in fixed assets rose by 5.1% to 57.21 trillion yuan. By sector, the investment in infrastructure construction grew by 9.4%, that in manufacturing gained 9.1%, but that in real estate development dropped by 10.0%, the NBS said.
The investment in the primary industry edged up by 0.2%, that in the secondary industry leapt by 10.3% and that in the tertiary industry went up by 3.0%.
The value of China’s imports and exports hit about 42.07 trillion yuan last year, a boost of 7.7%. Its exports soared by 10.5% to 23.97 trillion yuan and its imports gained 4.3% to 18.10 trillion yuan.
"The national economy continued to develop despite downward pressure, the economic output reached a new level, the employment and prices were largely 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 on January 17.
But the foundation of domestic economic recovery is not solid as the international situation is still complicated and severe when the country still faces pressure from demand contraction, supply shock and weakening expectations, Kang said.
