China’s economic output amounted to more $17 trillion in 2022
2022.12.17 14:33
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China’s economic output amounted to more $17 trillion in 2022
Budrigannews.com – A senior Chinese Communist Party official was quoted as saying on Saturday that China’s economic output is likely to exceed 120 trillion yuan ($17.2 trillion) this year.
This year, the world’s second-largest economy has faced challenges from disruptions caused by COVID, lower domestic and international demand, and a property downturn.
Han Wenxiu, deputy head of the party’s office for financial and economic affairs, was quoted by state broadcaster CCTV as saying, “There is a gap between economic growth and the expected target set at the beginning of the year, but many other indicators were better accomplished.”
According to a Reuters calculation based on official data, Han’s expectation that total economic output will exceed 120 trillion yuan in 2022 equates to a 4.9% increase in gross domestic product from the previous year.
In the first three quarters of the year, China’s economy only expanded by 3%. It is anticipated to remain at that rate for the entire year, well below the official target of “around 5.5%,” according to many economists.
“In light of the decaying Coronavirus circumstance and high-recurrence information month-to-date, December might see further debilitating,” experts at Goldman Sachs (NYSE:) on Friday, in a note.
“We revised down our Q4 GDP growth forecast to -4% quarter-on-quarter due to the near-term headwinds,” the company stated. “This reduces our full-year projection to 2.6%.”
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Following an agenda-setting meeting this week, Beijing scrambles to cushion the impact of a surge in COVID infections. According to a statement published by the official Xinhua news agency, China will focus on stabilizing its $17-trillion economy in 2023 and stepping up policy adjustments to ensure targets are met.
