Chinese Economy Grows by 3% in 2022‎

Growth in China’s economy was faster than expected in the fourth quarter, figures from the National Bureau of Statistics revealed on Tuesday, with an annual growth rate of 3% last year, according to the dpa.

Gross domestic product (GDP) rose by 2.9% in the fourth quarter, more than the 1.8% increase economists had expected. Nonetheless, this was weaker than the 3.9% expansion seen in the previous quarter. Across 2022 China’s GDP growth was 3.0%, a figure lower than the Beijing government’s target of around 5.5%. China’s provinces are projecting economic growth of 5-6% for 2023.

The government’s full-year target will be announced at the National People’s Congress in March.

Data on Tuesday showed that retail sales dropped only 1.8% annually in December, much better than economists’ forecast of -8.6%.

Industrial production also climbed 1.3% from last year, a stronger growth than the 0.2% expected. From January to December 2022, fixed asset investment advanced 5.1% from the last year, again better than the 5.0% expected expansion.