Xi Jinping says China’s GDP grew by more than 4% in 2022

Chinese President Xi Jinping said during his annual New Year’s Eve address that the country’s Gross Domestic Product (GDP) reached 120 trillion yuan (US$17.4 trillion) this year, unadjusted for inflation, which represents a nominal growth of more than 4%.

Most economists predict that China’s GDP, adjusted for inflation, will grow by around 3% in 2022, while the government’s official target for this year is around 5.5%. Earlier this week, the Asian country revised upwards its GDP growth in 2021 to 8.4%, from 8.1% previously released in January, an adjustment that makes the base for comparison higher.

Xi used his speech to address other milestones of the year, including the Communist Party congress in October. While he did not explicitly mention Russia’s invasion of Ukraine, Xi also spoke of unprecedented changes taking place around work. “The world is still not a peaceful place,” he said.

During a video conference on Friday, Xi and Russian President Vladimir Putin discussed expanding military ties and vowed to further strengthen strategic cooperation between Moscow and Beijing. Putin also raised the prospect of Xi’s state visit to Moscow in the spring, underlining their bond as their nations are increasingly at odds with the United States and allies.

After a year of military and political maneuvering around Taiwan, Xi also urged people on the island – which China claims as part of its territory – to “work together with a view to jointly promoting the lasting prosperity of the Chinese nation.”