China's GDP up 3% in 2022

China's GDP growth reached 3 percent year-on-year in 2022, indicating that the Chinese economy has made new headway despite multiple headwinds, the National Bureau of Statistics said on Tuesday.

The country's annual GDP came in at 121.02 trillion yuan ($17.94 trillion) in 2022, surpassing the 120 trillion yuan threshold, according to the NBS.

GDP growth in the fourth quarter was 2.9 percent year-on-year, compared with 3.9 percent in the third quarter, the bureau said.

Industrial output, an important economic indicator, expanded by 3.6 percent year-on-year in 2022 and 1.3 percent in December.

Despite the overall stable economic performance, the NBS said the foundation for economic recovery remains unstable. The country will comprehensively deepen reform and opening-up and focus on strengthening market confidence to promote improvements of the economy.

Last year's annual GDP growth of 3 percent marked a slowdown from 8.4 percent in 2021, according to the bureau.