Full recovery of Chinese economy will boost global economy

Full recovery of Chinese economy will boost global economy

By Zhang Jianwei

Ambassador of the People’s Republic of China to the State of Kuwait

In 2022, the world underwent both major changes unseen in a century and the once-in-a-century pandemic. The geopolitical situation was turbulent, and the downside risks of the world economy were increasing. Facing the complex international environment and the arduous task of promoting domestic reform while keeping stability, the Chinese government adhered to the general working guideline of making progress while maintaining stability, and coordinated the work of epidemic control and economic development in an effective way. As a result, the national economy continued to develop despite downward pressure. The Chinese economy in 2022 was featured with the following highlights.

Overall economic development was stable and healthy. Faced with the severe economic condition both at home and abroad, the Chinese government promptly issued a package of policies and follow-up policies to stabilize the economy. In the second quarter, the goal of positive economic growth and an early decline in the unemployment rate was achieved. In the third quarter, the economy rebounded significantly. Although the economic operations fluctuated in the fourth quarter, it maintained a recovery momentum. China’s gross domestic product (GDP) in 2022 was 121.0207 trillion yuan (about $18