China News Agency, Beijing, December 30th. In 2022, China's economy will forge ahead. Facing the turbulent international environment and the arduous and arduous domestic reform, development and stability tasks, we will coordinate the two major situations at home and abroad, and coordinate the prevention and control of the epidemic and the economy and society. Development, overall development and security, maintaining the overall economic and social stability, the achievements are not easy.
At the end of the year and the beginning of the year, China News Service selected the top ten domestic economic news and the top ten international economic news in 2022, reviewing the major economic events in 2022 with readers, and anticipating the general economic trend in 2023.
Top Ten Domestic Economic News
1. The 20th National Congress of the Communist Party of China was successfully held, and China embarked on a new journey of comprehensively building a modern socialist country
From October 16 to 22, 2022, the world-renowned Twentieth National Congress of the Communist Party of China was successfully held in Beijing.
The 20th National Congress of the Communist Party of China plans to build a modern socialist country in an all-round way and promote the great rejuvenation of the Chinese nation in an all-round way through Chinese-style modernization.
2. China's economic aggregate will exceed 120 trillion yuan in 2022
In 2022, the momentum of China's economic stabilization and upward trend will be further consolidated.
Under the clear requirements of the central government that "the epidemic must be contained, the economy must be stabilized, and development must be safe", and through the joint efforts of all parties, China's economic aggregate will exceed 120 trillion yuan this year.
This is based on the high base of China's economic aggregate reaching 100 billion yuan in 2020 and 114.9 trillion yuan in 2021.
Han Wenxiu, deputy director of the Office of the Central Financial and Economic Commission in charge of daily work, said in December that although there is a gap between this year's economic growth and the expected target at the beginning of the year, many other indicators are well completed. It is estimated that the annual economic volume will exceed 120 trillion yuan.
3. The top-level design of the national unified market is released
On April 10, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Construction of a National Unified Market" was released, providing an action plan for the construction of a national unified market from an overall and strategic perspective.
4. China implements a combined tax and fee support policy, and the annual new tax cuts and fee reductions and tax refunds and tax deferrals are expected to exceed 4 trillion yuan
In 2022, China will implement a combined tax and fee support policy, and the annual new tax cuts and fee reductions and tax refunds and deferrals are expected to exceed 4 trillion yuan, of which about 2.4 trillion yuan of large-scale value-added tax credits and refunds have been eased. The pressure on corporate cash flow has enhanced the endogenous motivation for development.
5. China-made large aircraft C919 officially delivered for operation
At 9:19 on December 9, the domestic large aircraft C919 was delivered to China Eastern Airlines, the world's first user.
6. Optimizing the epidemic prevention and control measures according to the time and situation, China accelerates the release of economic vitality
Recently, the central government has successively issued "Twenty Measures" and "New Ten Measures" to optimize epidemic prevention and control, optimize epidemic prevention and control measures according to the time and situation, and effectively coordinate epidemic prevention and control with economic and social development.
Optimizing epidemic prevention and control measures will have a significant positive impact on China's economic recovery and accelerate the release of economic vitality.
7. The personal pension system was formally launched
On November 25, the Ministry of Human Resources and Social Security of China announced the launch of the personal pension system, which will be first implemented in 36 cities or regions including Beijing, Shanghai, Guangzhou, Xi'an, and Chengdu.
8. The Central Committee of the Communist Party of China and the State Council issued the "Strategic Planning Outline for Expansion of Domestic Demand (2022-2035)"
In December, the Central Committee of the Communist Party of China and the State Council issued the "Strategic Planning Outline for Expansion of Domestic Demand (2022-2035)", which further clarified the development direction of firmly implementing the strategy of expanding domestic demand and cultivating a complete domestic demand system. China's economy has made steady progress along the path of high-quality development.
9. At the end of the year, favorable real estate financial policies were intensively introduced
At the end of the year, the "financial 16" policy was promulgated, credit, bonds, and equity supported real estate financing "three arrows", and the real estate supply-side policy entered the stage of comprehensive support.
10. The two-way fluctuation of the RMB exchange rate in a wide range
In 2022, the RMB exchange rate against the US dollar will fluctuate and depreciate in stages, and will gradually recover at the end of the year.
Top Ten International Economic News
1. RCEP officially launched
On January 1, 2022, the Regional Comprehensive Economic Partnership Agreement (RCEP) came into effect and the world's largest free trade zone officially launched.
The effective implementation of RCEP marks the official landing of the free trade area with the largest population, the largest economic and trade scale and the most development potential in the world. It fully reflects the confidence and determination of all parties to jointly maintain multilateralism and free trade and promote regional economic integration. Make important contributions to regional and even global trade and investment growth, economic recovery and prosperity.
2. The outbreak of the Ukraine crisis pushed up global commodity prices and threatened food security
In February 2022, the Ukraine crisis broke out.
Due to factors such as trade blockade and crisis expectations, international bulk commodity prices have undergone drastic changes, among which grain prices have been particularly volatile.
Food security has become an important issue of general concern to the international community.
3. The world is experiencing the highest inflation in 40 years
Affected by the outbreak of the Ukraine crisis, soaring energy prices, and supply chain imbalances, the global price level will accelerate in 2022.
Inflation levels in developed economies such as the United States, the United Kingdom, and the euro zone have reached a new high in more than 40 years, and extreme inflation has emerged in countries such as Argentina, Turkey, and Sri Lanka.
According to the estimates of the International Monetary Fund, the world's average consumer price index will increase by 8.8% in 2022, reaching the highest level of global inflation since the 21st century.
4. The global central bank enters the "year of interest rate hike"
In response to the worst inflation in 40 years, the global central bank led by the Federal Reserve has launched a tightening storm.
The Fed has embarked on the most aggressive rate hikes in 40 years.
Since the beginning of this year, the Fed has raised interest rates seven times, including four consecutive hikes of 75 basis points, and the target range of the federal funds rate has risen to the highest level since 2007.
According to statistics, the Federal Reserve, the European Central Bank, the Bank of England, the Norges Bank, the Bank of Canada and the Swiss National Bank have all increased their benchmark interest rates by 300 basis points this year.
The Bank of Japan unexpectedly adjusted its yield target in December.
5. The Nord Stream Pipeline was destroyed, and the energy crisis in Europe intensified
In September of this year, the "Beixi-1" and "Beixi-2" pipelines that transport Russian natural gas to Europe were damaged.
The "North Stream incident" has deepened the uncertainty of European energy security, and it has even worsened the already deep energy crisis in European countries.
6. India overtakes the UK to become the fifth largest economy in the world
The International Monetary Fund (IMF) predicts that India's GDP in 2022 will surpass that of the United Kingdom and become the fifth largest economy in the world.
India's gross domestic product (GDP) in the second quarter of the 2022-2023 fiscal year (June-September) increased by 6.3% year-on-year, and India's economic growth rate is expected to be 7% in this fiscal year.
7. The global population exceeds 8 billion
On November 15, 2022, the global population will reach 8 billion.
According to the United Nations, this number will continue to grow in the next few decades, but the growth rate will be slower and there will be regional differences.
Due to increases in life expectancy and reproductive age, the United Nations predicts that the global population will grow to about 8.5 billion by 2030, 9.7 billion in 2050, peak at about 10.4 billion in the 2080s, and remain at this level until 2100.
8. The United States promulgated the "Chips and Science Act" and "Inflation Reduction Act" or triggered a global trade war
The United States passed the "Chip and Science Act" this year and took effect, and another closely watched "Inflation Reduction Act" will also come into effect on January 1, 2023.
Among them, the discriminatory trade protectionist provisions have been unanimously opposed by the international community, including most of the allies of the United States, which may ignite a super-large-scale global trade war.
9. The Qatar World Cup is held, and the "football bonus" is released
The 2022 World Cup will be held in Qatar from November 20 to December 18, 2022. This is the first time in history that the World Cup will be held in a Middle Eastern country, and it will also be the second time that the World Cup will be held in Asia.
According to the forecast of the Qatar World Cup Organizing Committee, the World Cup will continue to bring Qatar $240 billion in economic dividends by 2025, and at the same time help the country realize its "National Vision 2030".
The World Cup in Qatar is also regarded as a successful attempt in the economic diversification and transformation of the Gulf countries.
10. Sri Lanka's bankruptcy highlights the debt woes of emerging economies
In July, Sri Lanka's prime minister officially declared the country bankrupt as the country plunged into its worst economic crisis since independence in 1948.
What is worrying is that Sri Lanka may just be the first "domino" to fall, and the economic plight of many emerging economies is also getting worse.
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