China GDP Grew 3% in 2022

China’s GDP in 2022 was 121,020.7 billion yuan, an increase of 3.0 percent over the previous year.

The GDP growth in 2022 was primarily driven by the mining sector (7.3%), manufacturing (3.0%) and production and supply of electricity, thermal power, gas and water (5.0%).

High-tech manufacturing and equipment manufacturing also grew at a faster rate (7.4% and 5.6% respectively). Agriculture and animal husbandry also saw an increase in output.

In 2022, China’s total value of imports and exports of goods was 42,067.8 billion yuan, an increase of 7.7% compared to the previous year. The total value of exports was up by 10.5%, and the total value of imports was up by 4.3%.

The trade balance was in surplus by 5,863.0 billion yuan. The imports and exports by private enterprises grew by 12.9%, and the imports and exports of mechanical and electrical products grew by 2.5%.

The consumer price in 2022 went up by 2.0% compared to the previous year, with the highest increase in transportation and communication (5.2%). The producer prices for industrial products went up by 4.1% and the purchasing prices for industrial producers went up by 6.1%.

Employment was generally stable, and the surveyed unemployment rate in urban areas was 5.5%. The number of rural migrant workers was 295.62 million, up by 1.1% compared to the previous year.

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China GDP Grew 8.1% in 2021; Q4 slowed to 4%

According to the preliminary estimates, China gross domestic product (GDP) in 2021 reached 114,367 billion yuan in 2021, an increase of 8.1 percent over the previous year at constant prices with an average two-year growth of 5.1 percent.

Q1 GDP up by 18.3 percent year on year
Q2 7.9 percent
Q3 4.9 percent
Q4 4.0 percent

By industries, the value-added of the primary industry was 8,308.6 billion yuan, up by 7.1 percent over the previous year, that of the secondary industry was 45,090.4 billion yuan, up by 8.2 percent and that of the tertiary industry was 60,968.0 billion yuan, up by 8.2 percent.

The total output of grain in 2021 was 682.85 million tons, an increase of 13.36 million tons, or up by 2.0 percent over the previous year. Of this total, the output of summer grain was 145.96 million tons, up by 2.2 percent, and that of early rice was 28.02 million tons, up by 2.7 percent. The output of autumn grain reached 508.88 million tons, up by 1.9 percent.

The total value added of industrial enterprises above the designated size increased by 9.6 percent over the previous year, an average two-year growth of 6.1 percent.

mining was up by 5.3 percent
manufacturing up by 9.8 percent
production and supply of electricity, thermal power, gas and water up by 11.4 percent.
high-tech manufacturing and equipment manufacturing went up by 18.2 percent and 12.9 percent respectively

The production of new energy vehicles, industrial robots, integrated circuits, and microcomputer equipment grew by 145.6 percent, 44.9 percent, 33.3 percent, and 22.3 percent, respectively.

In 2021, the national industrial capacity utilization rate reached 77.5 percent, 3.0 percentage points higher than that of the previous year.

The tertiary industry experienced fast growth in 2021.

The value-added of the information transmission, software and information technology services, accommodation and catering services, and transportation, storage and postal services grew by 17.2 percent, 14.5 percent, and 12.1 percent over the previous year respectively.

In 2021, the Index of Services Production grew by 13.1 percent over that of the previous year with the average two-year growth of 6.0 percent.

In 2021, the investment in fixed assets (excluding rural households) reached 54,454.7 billion yuan, up by 4.9 percent over the previous year with the average two-year growth of 3.9 percent.

Specifically, the investment in infrastructure went up by 0.4 percent, manufacturing up by 13.5 percent, and real estate development up by 4.4 percent. The private investment was 30,765.9 billion yuan, up by 7.0 percent, accounting for 56.5 percent of the total investment.

The investment in high-tech industries grew by 17.1 percent, 12.2 percentage points faster than the total investment, of which the investment in high-tech manufacturing and high-tech services grew by 22.2 percent and 7.9 percent, respectively.

In terms of high-tech manufacturing, the investment in electronics and communication equipment manufacturing and in manufacturing of computers and office devices grew by 25.8 percent and 21.1 percent, respectively.

In terms of high-tech services, the investment in e-commerce services and services for the transformation of scientific and technological achievements grew by 60.3 percent and 16.0 percent, respectively.

The investment in social sector went up by 10.7 percent over the previous year. Specifically, the investment in the health sector and in the education sector went up by 24.5 percent and 11.7 percent respectively.

In 2021, the total value of imports and exports of goods was 39,100.9 billion yuan, an increase of 21.4 percent over the previous year.

Specifically, the total value of exports was 21,734.8 billion yuan, up by 21.2 percent; the total value of imports was 17,366.1 billion yuan, up by 21.5 percent. The trade balance was 4,368.7 billion yuan in surplus.

The imports and exports of general trade grew by 24.7 percent, accounting for 61.6 percent of the total value of the imports and exports, an increase of 1.6 percentage points over the previous year.

The imports and exports by private enterprises grew by 26.7 percent, accounting for 48.6 percent of the total value of the imports and exports, 2 percentage points higher than that of the previous year.

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