BEIJING, March 5 (Xinhua) — China has ensured steady economic activity, continued to improve the quality of development and maintained social stability in 2022. It is through tremendous efforts that all these Progress in the country’s development has been made, according to a government work report submitted to the national legislature for deliberation on Sunday.
Despite difficulties of all kinds, China has managed to stabilize the economy; despite a complex and changing situation, the country managed to achieve most of the main objectives for the year, the report says. “It can be said that the Chinese economy has demonstrated rock-solid resilience,” the document added.
Over the past year, China has effectively coordinated epidemic control and economic and social development. Faced with new downward pressures on the economy, the country reacted strongly by putting in place the necessary regulations in a timely manner, the report notes.
Particular importance has been placed on maintaining steady growth as well as stabilizing employment and prices so that China’s economy can recover, the report said.
Faced with the business slump, the government has intensified support for troubled enterprises, encouraged financial institutions to increase lending and reduced financing costs for enterprises, and adopted various measures to expand investment, stimulate consumption and stabilize foreign trade, the report continues.
Faced with increased pressure on the labor market, the government has reinforced its policy in favor of employment; in the face of galloping inflation in the world, it guaranteed the supply of cereals and energy in particular, while stabilizing their prices, according to the report.
Faced with the growing difficulties encountered by part of the population, the government has strengthened social welfare. The subsistence minimum and other social protection policies have been temporarily extended to new categories, the report points out.
China’s GDP for the year 2022 grew by 3% year-on-year. A total of 12.06 million new jobs were created in urban agglomerations, while the unemployment rate as defined by the urban population census was reduced to 5.5% at the end of the year. The consumer price index increased by 2%. The overall volume of import-export of goods increased by 7.7%. The budget deficit rate was maintained at 2.8%. END
