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China registered a 3% growth in GDP in 2022, according to the latest data from the National Bureau of Statistics – a much stronger figure than expected considering the fact that economic activities in the country were severely impacted by the ghastly Zero-Covid policy throughout much of the year.

 Still, the growth rate was below the government’s target of 5.5%.

Year-on-year basis, industrial production rose 3.6% in 2022 while retail sales fell 0.2%. 

In December 2022 alone, the urban unemployment rate was at 5.5% and youth unemployment stood at 16.7%.

The NBS added in the press release, “The foundation of (the) domestic economic recovery is not solid as the international situation is still complicated and severe while the domestic triple pressure of demand contraction, supply shock and weakening expectations is still looming.”

Chinese leaders will meet in March to set a new growth target for 2023. Economic experts have been expecting the world’s second-largest economy to grow at a slower pace of between 2-4% this year.