BEIJING: China overcame economic challenges and achieved hard-won feats in 2022, with a steady GDP growth of 3 percent, Gwadar Pro reported on Monday quoting an official statistical statement released by China’s national bureau of statistics.
As per the statement, China’s GDP hit a record high of RMB 121 trillion in 2022, surpassing the thresholds of RMB 100 trillion and RMB 110 trillion achieved in 2020 and 2021, respectively.
Experts noted, the Chinese economy kicked off the year with a better-than-expected growth rate of 4.8 percent in the first quarter, followed by a sharp slowdown in the second quarter due to unexpected shocks.
The third quarter saw the implementation of pro-growth policies totalling RMB 4.2 trillion, which quickly brought the economy back on track. The recovery momentum was sustained through the fourth quarter thanks to these efforts.
In 2022, China defied the impact of COVID-19 to maintain its position as the world’s second-largest consumer market and largest online retail market, with a total retail sales value of RMB 44 trillion.
It also retained its position as the world’s second-largest import market for the 14th consecutive year.
The achievement was attributed to a more enabling business environment, enhanced mechanisms, and rising income levels for the people, said a “Two Sessions” deputy in an interview during China’s 2023 Two Sessions.
The country remains a popular destination for foreign investment. As per the statement, China’s foreign direct investment expanded 6.3 percent year on year to RMB 1.23 trillion in 2022, hitting a record high. Investment from the Belt and Road (BRI) countries surged 17.2 percent to RMB 89.1 billion.
China’s consumer price index (CPI) rose 2 percent year-on-year, a moderate growth rate, showed the communique.
The country’s CPI was kept at a low and steady range in contrast to the inflation seen in other major economies, including 8 percent in the US, 8.4 percent in the EU and 9.1 percent in the UK.
The rate is also much lower than that of emerging countries including India, Brazil and South Africa, which hovers around 6 percent to 10 percent.
Strides are also made in technological innovation in the country. As per the statement China’s total expenditure on research and development (R&D) jumped 10.4 percent year on year to RMB 31 trillion in 2022, maintaining double-digit growth for 8 consecutive years.
This represents, experts said, an increased ratio of R&D expenditure to GDP in China, which rose 0.12 percent to reach 2.55 percent. With such investments, China emerges as the global leader in innovation, boasting a total of 4.21 million valid invention patents by the end of 2022.
Energy-saving and low-carbon development is also advancing in the country. China’s energy consumption per RMB 10,000 of GDP decreased by 0.1 percent from 2021, and CO2 emissions decreased by 0.8 percent in 2022, stated the communique.
In an encouraging sign, the country’s afforestation area reached 3.83 million hectares in 2022, of which artificial afforestation area takes up 1.2 million hectares.
