According to a government work report presented on Sunday to the national assembly for consideration.
China managed to secure new and hard-won development achievements in 2022 by stabilising the economy, steadily improving development quality, and maintaining overall social stability.
The report stated that these accomplishments “are a testament to the tremendous resilience of China’s economy,” noting that China managed to maintain overall stable economic performance.
While overcoming significant difficulties and challenges, and was able to generally accomplish the main targets and tasks for the year amid a complex and fluid environment.
The study examined the government’s performance in a number of areas during the previous year, including initiatives to efficiently coordinate the COVID-19 response with social and economic development.
As well as prompt and decisive macroregulation to address fresh downward pressure on the economy.
Furthermore the nation prioritised assuring stable growth, jobs, and prices, which resulted in a gradual economic recovery.
Citing significant actions taken last year to support the economy, the report stated that the government increased relief support to businesses that were having increasing difficulties.
Advised financial institutions on increasing credit supply and lowering financing costs, and adopted a combination of policies to increase investment, stimulate consumption, and stabilise foreign trade.
It also increased policy support for employment stabilisation and growth and worked to maintain market supply and stable pricing, particularly for food and energy in the face of a global spike in inflation.
According to the report, China’s previous five years have been genuinely monumental and amazing as the nation has passed many challenges and made significant strides in its economic and social growth.
China’s GDP climbed to 121 trillion yuan (approximately $17.5 trillion) during the period, reflecting an annual growth rate of 5.2 percent. It also stated that given its vast economic aggregate, the country accomplished a medium-high rate of economic growth and made the transition to high-quality development.
However, 832 poor counties and about 100 million rural poor people were pulled out of poverty after eight years of work, including more than 9.6 million poor people who had to evacuate from uninhabitable places.
According to the research, persons who were facing more challenges in their life were offered more assistance to meet their fundamental necessities.
With investment on R&D rising from 2.1 percent to over 2.5 percent of GDP and the contribution of scientific and technological advancement to economic growth exceeding 60 percent.
There have been significant advances in innovation in science and technology.
The financial framework was substantially enhanced. The power of the digital economy remained on the rise.
Over 17% of GDP was made up of the value-added production of new industries, company forms, and models, according to the research.
The nation made additional infrastructure improvements, expanding the length of high-speed rails in operation from 25,000 km to 42,000 km.
China has significantly improved the business environment over the last five years by broadening reform and opening up in order to build a new pattern of development.
Energy use per unit of GDP decreased by 8.1%, while carbon dioxide emissions per unit of GDP decreased by 14.1%, both of which had a major positive impact on the environment.
Personal income generally increased in line with economic expansion as people’s living standards progressively increased.
