The State Council Press Office held a press conference at 10 am on January 17th, and the National Bureau of Statistics introduced the national economy in 2022. Let’s watch together!
-economic data-
In 2022, the GDP exceeded 121 trillion yuan! An increase of 3.0% over the previous year.
According to preliminary calculation, the annual GDP in 2022 was 121,020.7 billion yuan, calculated at constant prices, up by 3.0% over the previous year. By industry, the added value of the primary industry was 8,834.5 billion yuan, an increase of 4.1% over the previous year; The added value of the secondary industry was 48,316.4 billion yuan, an increase of 3.8%; The added value of the tertiary industry was 63,869.8 billion yuan, an increase of 2.3%. Quarterly, GDP increased by 4.8% in the first quarter, 0.4% in the second quarter, 3.9% in the third quarter and 2.9% in the fourth quarter. From the ring comparison, the GDP in the fourth quarter was the same as that in the third quarter.
Important economic data in 2022
employment
In 2001, 12.06 million new jobs were created in cities and towns, exceeding the annual target of 11 million people. The average monthly income of migrant workers was 4,615 yuan, an increase of 4.1% over the previous year.
Resident income
In the whole year, the per capita disposable income of the national residents was 36,883 yuan, a nominal increase of 5.0% over the previous year, and a real increase of 2.9% after deducting the price factor, which was basically in step with the economic growth.
food
The total grain output in the whole year was 686.53 million tons, an increase of 3.68 million tons or 0.5% over the previous year.
industry
The added value of industrial enterprises above designated size increased by 3.6% over the previous year.
service sector
The added value of service industry increased by 2.3% year-on-year.
marketing
The total retail sales of consumer goods in the whole year was 43,973.3 billion yuan, down 0.2% from the previous year.
consume
The annual consumer price (CPI) rose by 2.0% over the previous year.
investment
In the whole year, the investment in fixed assets (excluding farmers) was 57,213.8 billion yuan, an increase of 5.1% over the previous year.
imports and exports
The total import and export volume of goods in the whole year was 42,067.8 billion yuan, an increase of 7.7% over the previous year.
Total population
At the end of the year, the national population (including the population of 31 provinces, autonomous regions and municipalities directly under the Central Government and active servicemen, excluding Hong Kong, Macao and Taiwan residents and foreigners living in 31 provinces, autonomous regions and municipalities directly under the Central Government) was 1,411.75 million, a decrease of 850,000 compared with the end of last year.
-Respond to concerns-
How to evaluate the economic performance of China in 2022?
First, comprehensive national strength has reached a new level. In 2022, China’s total economic output exceeded 120 trillion yuan, reaching 121 trillion yuan, which is a new step after continuously breaking through 100 trillion yuan and 110 trillion yuan in 2020 and 2021. According to the average annual exchange rate, 120 trillion yuan is equivalent to about 18 trillion US dollars, ranking second in the world. From the perspective of per capita level, China’s per capita GDP reached 85,698 yuan in 2022, a real increase of 3% over the previous year. The long-term goal in 2035 is that the per capita national income will reach the level of moderately developed countries. At present, we only have $12,700. To achieve this medium-term goal, the growth will more than double, and 120 trillion is only a small step in our progress.
Second, the economic operation is generally stable. Last year, China’s GDP increased by 3%, and the economic growth was faster than that of most major economies. Germany has announced the estimated annual economic growth rate of 1.9%; According to the IMF’s forecast, the GDP growth of the United States and Japan will not exceed 2% in 2022. With the sharp rise in global food and energy prices and the pressure of imported inflation, China’s price situation has remained stable, which is in sharp contrast with the high inflation in major economies such as Europe and the United States. The balance of payments continued to improve. The surplus of import and export of goods increased by 35.4% over the previous year, and the balance of foreign exchange reserves reached $3,127.7 billion at the end of the year, ranking first in the world.
Third, the foundation of industrial development is solid. Grain production has achieved "19 consecutive bumper harvests", and the total grain output has reached 1,373.1 billion Jin, which has been stable at more than 1.3 trillion Jin for eight consecutive years. The national industrial added value reached 40.2 trillion yuan, and the manufacturing added value reached 33.5 trillion yuan, ranking first in the world. By the end of 2022, the national railway mileage reached 155,000 kilometers, including 42,000 kilometers of high-speed railway, which is far ahead in the world. The world’s largest and technologically advanced network infrastructure has been built, and the industrial Internet has been widely integrated into 45 national economic categories.
Fourth, the scale of total domestic demand continues to expand. China is still the second largest consumer market and the largest online retail market in the world. The scale of investment in fixed assets exceeded 57 trillion, an increase of 5.1% over the previous year, and the growth rate was 0.2 percentage points faster than that in 2021.
Fifth, reform and innovation continued to deepen. By the end of 2022, there were 169 million registered market entities in China, including 114 million individual industrial and commercial households. In 2022, the added value of high-tech manufacturing above designated size increased by 7.4% over the previous year, which was 3.8 percentage points faster than all industries above designated size.
Sixth, high-level opening-up has been solidly promoted. In 2022, the total trade in goods exceeded 40 trillion, reaching 42.1 trillion, an increase of 7.7% over the previous year. From January to November, the actual use of foreign capital in China was 1,156.1 billion yuan, up 9.9% year-on-year, exceeding the whole year of 2021 and reaching a record high.
Seventh, people’s livelihood security is strong and effective. Residents’ income grew steadily. The government has strengthened the income guarantee for residents, and the per capita net transfer income of residents nationwide has increased by 5.5% in nominal terms over the previous year, faster than the income growth rate of all residents.
How to treat the completion of China’s employment target in 2022?
First, the basic disk of employment is generally stable. There were 12.06 million new jobs in cities and towns nationwide, exceeding the expected target of 11 million at the beginning of the year. Affected by frequent outbreaks, the urban survey unemployment rate rose in stages in individual months, reaching 6.1% when it was high. However, from the perspective of the whole year, the overall unemployment rate has remained basically stable, especially with the obvious effect of the economic stabilization package and the continuation policy, the employment situation has improved recently. In December, the national urban survey unemployment rate was 5.5%, down 0.2 percentage points from November.
Second, the employment security of key groups is strong. The implementation of a series of employment assistance policies to help enterprises stabilize their posts has had a positive impact on the employment stability of key groups such as college graduates and migrant workers. In December, the urban survey unemployment rate of people aged 20-24 with college degree or above was 21.1%, which was 0.2 percentage points lower than that of the previous month and dropped for five consecutive months. The unemployment rate among 16-to 24-year-olds has dropped even more. The unemployment rate of migrant agricultural registered laborers in cities and towns was 5.4%, down 0.6 percentage points from last month. The total number of migrant workers in the whole year reached 295.62 million, an increase of 3.11 million over the previous year, exceeding the scale in 2019 before the epidemic. There are also some key groups, with more than 32 million poverty-stricken laborers working in the country, and the employment of urban and rural poor groups has also been better guaranteed.
Generally speaking, in 2022, China’s employment remained generally stable, and the urban survey unemployment rate increased compared with the previous year, mainly due to multiple unexpected factors at home and abroad. From the next stage, the number of college graduates is expected to exceed 11.5 million this year, the pressure of total employment still exists, and the structural contradictions are still outstanding. However, with the improvement of the economy and the expansion of employment demand, the number of jobs will increase accordingly, and the employment situation in China is expected to improve overall in 2023.
What are the reasons for China’s price stability under the situation of high global inflation, and what is the forecast of the trend in 2023?
China’s prices remained generally stable last year, and the annual CPI rose by 2%, which was lower than the expected target of 3%. There are many reasons.
First, there is no money surplus in China, and prices still reflect the relationship between supply and demand. Compared with the international market, the United States continuously raised interest rates to curb inflation, and the CPI in December was 6.5%. Europe is still very high, still above 10%. Recently, Japan’s CPI is also rising. In the past three years of epidemic prevention and control, there has been no flood irrigation in China.
Second, the effect of ensuring supply and stabilizing prices has appeared. First of all, we have guaranteed energy supply, such as coal. In 2022, the total output will reach 4.5 billion tons, and the stable supply of coal will ensure the power supply. In addition, food prices, China’s grain output has been stable at more than 1.3 trillion Jin for eight consecutive years, achieving "19 consecutive harvests". China’s population of more than 1.4 billion people, if there is not enough food, purchasing in the international market will further push up the international food price. The stable supply and price of grain, energy and other commodities have provided a solid foundation.
Third, the supply of industrial products and services is sufficient. China’s industrial system is complete and the supply of goods and services is sufficient, which contributes to the stability of consumer prices.
In 2023, prices do not have the basis for a sharp rise, and we are confident that the CPI trend will remain stable in the coming year.
What is the outlook for the economic goals and prospects in 2023?
China’s economy will definitely improve in 2023.
First, the long-term accumulation of a solid material foundation. China is one of the countries with the best industrial categories and supporting facilities in the United Nations industrial classification. Its industrial organization ability and industrial chain toughness are strong, and it occupies an important position in the global industrial division system and supply chain system. The infrastructure is relatively perfect. In the face of fluctuations in the international supply system, we have strengthened the safety and security capacity building in key areas such as grain, energy, industrial chain and supply chain, creating favorable conditions for coping with external risks and challenges.
Second, the super-large-scale domestic market has obvious advantages. China has a population of more than 1.4 billion, new industrialization and urbanization continue to advance, and there is a very large-scale market with the most potential in the world, which is a powerful engine to promote economic recovery and improvement.
Third, the supporting role of new kinetic energy has been further enhanced. We thoroughly implement the innovation-driven development strategy, focus on strengthening the national strategic scientific and technological strength, and effectively promote the rapid growth of new industries, which will inject new kinetic energy into economic operation.
Fourth, persist in deepening the reform and opening-up dividend and continue to release it. We adhere to and improve the basic socialist economic system, adhere to the "two unwavering", speed up the construction of a unified national market, continue to deepen the "streamline administration, delegate power, strengthen regulation and improve services" reform, create an international and legal business environment, and create a more level playing field for various market players.
Fifth, rich experience in macro-control. In particular, the current prices are generally in a stable and controllable state, which leaves a good space for us to reserve and use relevant macro-control policy tools in various aspects.