China’s economy stabilizes, achieves new developments
March 5, 2023
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March 05, 2023 (MLN): China's economy stabilized and achieved new developments in 2022, despite facing great challenges, according to a government work report submitted to the national legislature for deliberation.
The report highlighted the government's efforts in effectively coordinating the COVID-19 response with economic and social development and decisive macro regulation to tackle new downward pressure on the economy.
The country prioritized stable growth, employment, and prices, leading to a steady economic recovery. The government stepped up relief support to enterprises facing growing difficulties, guided financial institutions to increase credit supply and lower financing costs, and adopted a combination of measures to expand investment, stimulate consumption, and stabilize foreign trade.
It also boosted policy support to stabilize and increase employment and ensured market supply and stable prices, particularly for food and energy amid a global surge in inflation.
Furthermore, greater support was given to people experiencing increased difficulties in their lives to ensure their basic living needs. China's economy grew by 3% last year, with a total of 12.06 million urban jobs added, and the year-end surveyed urban unemployment rate falling to 5.5%. The consumer price index rose by 2%, and the total volume of trade in goods rose by 7.7%.
Meanwhile, the deficit-to-GDP ratio was kept at 2.8%.
Overall, the report demonstrated the resilience of China's economy and its ability to maintain stability while achieving new developments despite challenges.