Nation's Economy Is Improving Steadily: Beijing

Mainland authorities on Monday described last year's economic progress as "very impressive", in the face of a turbulent external financial environment.

A vice-chairman of the State Council's National Development and Reform Commission (NDRC) Zhao Chenxin said the nation's GDP in 2022 reached a "new level".

He was commenting on the three-percent growth year-on-year to over 120 trillion yuan, describing it as equivalent to the annual GDP increase of a medium-sized country.

Speaking at a press conference in Beijing, Zhao said the recovery of people and goods mobility is speeding up and that other economic metrics are stable.

"Against the backdrop of a 40-year high of global inflation, China's prices have been stable.

"The year-round CPI growth was two percent only. 12.06 million new urban jobs were created, exceeding our target for 2022," he said.

"GDP, consumer prices, employment and international payments are the most important indicators, so if we look at those indicators, China has been very outstanding among major economies in the world," Zhao added.

The NDRC vice chairman's comments come as analysts say it may be difficult for the country to reach Premier Li Keqiang's projected five percent growth in the economy for 2023.

Zhao said that growth target is in line with current economic momentum, adding that the country will tackle risks related to property, finance and local government debt.

Meanwhile, Li Chunlin, a vice chairman of the state planner said consumption is expected to be the main driver of the nation's economic growth this year, and some major indicators are likely to pick up gradually in the first half of the year.

Consumption is recovering fast, Li said, adding the NDRC will introduce policies to boost demand. (Additional reporting by Reuters)

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