China stabilized the economy, steadily enhanced development quality, and maintained overall social stability in 2022, securing new and hard-won achievements in development, according to a government work report submitted Sunday to the national legislature for deliberation. China succeeded in maintaining overall stable economic performance while overcoming great difficulties and challenges, and was able to generally accomplish the main targets and tasks for the year amid a complex and fluid environment, the report noted, saying that "such achievements are a testament to the tremendous resilience of China's economy." According to XINHUA, the report reviewed the government work last year in a host of areas, including efforts to effectively coordinate COVID-19 response with economic and social development, and decisive and timely macro regulation to tackle new downward pressure on the economy.

The country gave priority to ensuring stable growth, employment and prices, thus bringing about a steady economic recovery, according to the report. Citing major efforts made last year to support the economy, the report said the government stepped up relief support to enterprises facing growing difficulties, guided financial institutions on increasing credit supply and lowering financing costs, and adopted a combination of measures to expand investment, stimulate consumption and stabilize foreign trade. It also boosted policy support to stabilize and increase employment, and strived to ensure market supply and stable prices, particularly those of food and energy in the face of a global surge in inflation, the report said.

Greater support was given to people experiencing increased difficulties in their lives to ensure their basic living needs, the report noted. China's economy grew by 3 percent last year. A total of 12.06 million urban jobs were added, with the year-end surveyed urban unemployment rate falling to 5.5 percent. The consumer price index rose by 2 percent. The total volume of trade in goods rose by 7.7 percent, while the deficit-to-GDP ratio was kept at 2.8 percent. In addition to it China will further its efforts to attract and utilize more foreign investment this year, as outlined in the Government Work Report submitted to the national legislature for deliberation.

Delivered by Premier Li Keqiang, the report outlined several measures to achieve this goal, including expanding market access, opening up the modern services sector, ensuring national treatment and improving services for foreign-funded companies, and facilitating the launch of large foreign-funded projects. China plans to take more actions to join high-standard economic and trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The country will steadily expand institutional opening-up by proactively adopting relevant rules, regulations and standards, said the report.

These efforts prove again China's commitments to further integrate into the global economy and attract more foreign investment, said Bai Ming, deputy director of international market research at the Chinese Academy of International Trade and Economic Cooperation in Beijing.

Credit : Independent News Pakistan-INP