Updated: China’s Economy Grew 3% Last Year

(photo credit: China Mike)

The National Bureau of Statistics of China released the economic growth rate for China today, the world’s second largest economy posted a growth rate of 3 per cent for its gross domestic product (GDP), year-on-year to 121.02 trillion yuan in 2022.

China’s value-added industrial output, an important economic indicator, went up 3.6 percent year-on-year in 2022, the NBS said.

Meanwhile, the service sector output increased 2.3% YoY in 2022, as information-related services continued to drive the growth, according to the NBS.

Specifically, the output of information transmission, software and information technology service sector and the financial industry rose by 9.1 percent and 5.6 percent, respectively, over the period.

In December, the production index for the service sector fell by 0.8% YoY, but the decline narrowed by 1.1 percentage points from the previous month.

Industrial output, an important economic indicator, rose 3.6% YoY last year, as the country’s industrial production continued to rebound steadily.

Notably, the industrial output of high-tech manufacturing and equipment manufacturing soared by 7.4% and 5.6%, respectively, year-on-year. Whilst mining and manufacturing industries also saw 7.3% and 3% increase in the output last year compared with the previous year.

The industrial output of State-owned enterprise and private enterprise increased 3.3% and 2.9%, respectively, according to NBS.

The production of new energy vehicles, telecommunications base stations, and industrial computers all witnessed a year-on-year growth of 97.5%, 16.3% and 15% last year.

China’s fixed-asset investment increased by 5.1% YoY to reach 57.21 trillion yuan ($8.48 trillion) in 2022.¬†Fixed-asset investment includes capital spent on infrastructure, property, machinery and other physical assets.

Notably, investment in high-tech industries jumped 18.9% year-on-year last year, 13.8% points higher than the total investment.

Investment in the manufacturing sector and infrastructure climbed 9.1% and 9.4%, respectively, while investment in real estate development dipped 10% in 2022, according to the NBS.

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