Achieving these results has been no easy feat; we must remain resolute and press forward with confidence—An introductory commentary on studying the spirit of the Central Economic Work Conference and doing a good job in economic affairs.

　　As 2022 draws to a close, the achievements attained have been hard-won. Looking ahead, China’s economy will continue to face numerous risks and challenges: the external environment remains complex and volatile, while domestic tasks related to reform, development, and stability are both daunting and demanding.

　　The more turbulent the winds and rough the waves, the more we must remain confident and forge ahead with courage. China’s economy is resilient, brimming with potential, and full of vitality, and the effects of various policies are steadily coming to the fore. By earnestly implementing the decisions and arrangements made at the Central Economic Work Conference, we have both the confidence and the conditions to drive an overall improvement in economic performance.

　　 Steady progress has been made, and these achievements have been hard-earned.

　　“I visited nine existing and new clients and secured $5 million in preliminary orders,” said Hua Yifan, business manager at Zhejiang Jiaxing Shanhui Apparel Co., Ltd. He recently joined a government‑organized chartered trade delegation to Japan, marking his first in‑person overseas trip in years and resulting in a string of new orders.

　　“Previously, sluggish external demand and the pandemic had hampered our ability to secure export orders, so we ramped up R&D while seizing the right moment to capitalize on emerging opportunities,” said Hua Yifan.

　　Pressing ahead under pressure and rising to meet challenges—this is the true portrait of many enterprises, and also the remarkable journey of China’s economy over the past year.

　　In the face of frequent and sporadic outbreaks, as well as a complex and challenging domestic and international environment, the Party Central Committee with Comrade Xi Jinping at its core has clearly called for “containing the epidemic, stabilizing the economy, and ensuring secure development,” upholding stability as the top priority while seeking progress within that stability, thereby guiding China’s great vessel to forge ahead steadily amid headwinds.

　　On the one hand, we have prioritized epidemic prevention and control, continuously refining and adjusting our policies in response to evolving circumstances; on the other, we have focused on development, accelerating the implementation of seven major policy packages—covering macroeconomic, microeconomic, structural, technological, reform-and-opening-up, regional, and social dimensions. A comprehensive set of measures to stabilize the economy was promptly introduced, with proactive policy actions and rigorous execution across all regions and departments, thereby safeguarding the fundamentals of economic growth to the greatest extent possible.

　　In the second quarter, the economy experienced a pronounced downturn in its early phase but reversed this trend later on; in the third quarter, overall recovery gained momentum; and in the fourth quarter, seizing the opportune window, the economy was further stabilized and set on an upward trajectory. Despite facing temporary, unanticipated shocks from both domestic and external sources, China’s economy managed to rebound and regain momentum within a relatively short period, demonstrating remarkable resilience.

　　Economic output for the year is expected to exceed 120 trillion yuan, with per capita disposable income in formerly impoverished counties growing at a rate that outpaced the national average, and China ranking first worldwide in the production, sales, and export of new-energy vehicles. Although this year’s economic growth fell short of the targets set at the beginning of the year, many other key indicators were met or exceeded. Moreover, several forward-looking structural indicators delivered particularly strong results, underscoring a steady improvement in the quality of development.

　　In the first 11 months of this year, urban areas nationwide added 11.45 million new jobs, surpassing the annual target of 11 million. Against a backdrop of persistent global inflationary pressures, China’s consumer price index rose moderately by 2% year on year. Meanwhile, grain output has remained above 1.3 trillion jin for eight consecutive years. With stable employment and prices, food security, energy security, and people’s livelihoods have been effectively safeguarded, ensuring overall economic and social stability.

　　Reviewing the achievements of this exceptionally extraordinary year, the Central Economic Work Conference noted that “these accomplishments have been hard-won and deserve to be cherished all the more.”

　　 Maintain confidence; the fundamental factors supporting long-term improvement remain unchanged.

　　While fully recognizing our achievements, we must also soberly acknowledge that China’s economy continues to face numerous risks and challenges. The Central Economic Work Conference clearly pointed out that the foundations for economic recovery remain fragile, with the triple pressures of shrinking demand, supply shocks, and weakening expectations still substantial, and an increasingly volatile external environment further intensifying its impact on China’s economy.

　　The road ahead is fraught with both perils and opportunities. The more we confront risks and challenges, the more we must adopt a dialectical and long-term perspective to assess future development.

　　Over the past three years, China’s economy has grown at an average annual rate of around 4.5%, significantly outpacing the global average. Despite the unexpected disruptions this year stemming from a series of unforeseen factors, China’s economic growth has slowed but not stalled; the momentum behind structural optimization and improvements in the quality of economic growth has remained intact. The fundamental outlook for China’s long-term economic prospects remains unchanged—and will continue to be so.

　　Looking at momentum—by firmly relying on innovation-driven development, China’s economy is building robust growth engines.

　　China’s space station is writing a new chapter in the exploration of the cosmos; the country’s first large passenger aircraft, the C919, has been officially delivered; and China’s third aircraft carrier was launched and unveiled. Since the beginning of this year, a series of major breakthroughs in innovation have emerged one after another. In the first 11 months, the value added of China’s high-tech manufacturing sector grew by 8% year on year, 4.2 percentage points higher than that of industries above designated size, underscoring the pivotal role of scientific and technological innovation. Meanwhile, 156,000 high-tech enterprises hold 1.339 million valid invention patents, and 8,997 specialized, refined, distinctive, and innovative “little giant” firms are injecting fresh momentum into China’s economy.

　　Assessing potential—leveraging the advantages of an ultra-large-scale market to continuously bolster the resilience and momentum of China’s economy.

　　With a population exceeding 1.4 billion, a middle-income group of more than 400 million, and continuously upgrading consumer demand, China’s vast market potential has captured global attention. Against the backdrop of sluggish global cross-border investment, China has seen foreign investment inflows grow against the trend. In the first ten months, the nation’s actual utilized foreign investment continued to rise by 14.4% year-on-year, building on last year’s already high base, as foreign firms have consistently demonstrated their confidence in the Chinese economy through concrete actions.

　　Assessing Vitality—The combined impact of optimized COVID‑19 control measures and a suite of policies to stabilize growth is continuously unleashing developmental momentum.

　　Across Chongqing, automotive companies are accelerating the return of workers to their posts, striving to achieve “stable and full‑capacity production.” In Guangdong, the first interprovincial chartered bus was dispatched to recruit workers, as a rebound in orders has fueled robust hiring demand among businesses. Recently, with the implementation of the “New Ten Measures” for optimizing COVID‑19 control, business expectations have improved, market confidence has strengthened, and the pace of production has picked up markedly. International investment banks including Morgan Stanley, Goldman Sachs, and JPMorgan have all revised upward their forecasts for China’s economic growth in 2023.

　　“The optimized COVID‑19 control measures, combined with the cumulative effects of both existing and new policies, will have a significant positive impact on economic recovery and growth,” said Han Wenxiu, Deputy Director of the Office of the Central Financial and Economic Affairs Commission. “Next year, China’s economy is expected to see an overall rebound.”

　　 Stay focused and concentrate on doing your own job well.

　　To prevent and defuse various risks and hidden dangers, and to proactively address the shocks and challenges posed by changes in the external environment, the key lies in maintaining composure and focusing our efforts on doing our own work well.

　　Uphold stability as the top priority while seeking progress within that stability—

　　The economy is stable, public confidence is steady, and the overall situation is secure. All regions and departments must align their thinking and actions with the spirit of the Central Economic Work Conference, adhere to the overarching principle of seeking progress while maintaining stability, fully, accurately, and comprehensively implement the new development philosophy, accelerate the establishment of a new development pattern, and make concerted efforts to promote high-quality development.

　　Proactive fiscal policy must be strengthened and made more effective; prudent monetary policy should be precise and impactful; industrial policy must balance development with security; science and technology policy should focus on self-reliance and self-strengthening; and social policy must firmly safeguard the basic living standards of the people. In accordance with the conference’s directives on these five major policies, we will intensify macroeconomic policy adjustments, enhance coordination among various policy instruments, and forge a concerted effort to promote high-quality development.

　　Upholding a systems-based approach and staying true to fundamentals while fostering innovation—

　　“Better coordinate epidemic prevention and control with economic and social development,” “better balance the effective improvement of economic quality with reasonable quantitative growth,” “better integrate supply-side structural reform with the expansion of domestic demand,” “better align economic policies with other policies,” “better harmonize domestic and international circulations,” and “better balance the present with the long term”... The meeting put forward “six aspects of better coordination,” providing crucial ideological guidance for carrying out next year’s economic work.

　　At present, China’s economic development faces numerous dilemmas and complex challenges. To achieve the optimal solution under multiple constraints, it is essential to strengthen systems thinking, uphold fundamental principles while fostering innovation, and master the art of “playing the piano with all ten fingers,” seeking a dynamic equilibrium among competing objectives.

　　Adhere to a focus on priorities and adopt a holistic approach—

　　The meeting emphasized expanding domestic demand, accelerating the development of a modern industrial system, earnestly implementing the “two unwavering commitments,” attracting and utilizing foreign investment more vigorously, and effectively preventing and defusing major economic and financial risks. It also identified several key issues, providing clear guidance for localities to carry out next year’s economic work.

　　Economic work is complex and multifaceted; by adeptly identifying and concentrating resources on the principal contradictions and critical issues, we can seize new opportunities and break new ground amid intricate circumstances, thereby driving both qualitative improvement and reasonable quantitative growth in the economy.

　　Next year marks the inaugural year for fully implementing the spirit of the 20th National Congress of the Communist Party of China. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and by accurately grasping the arrangements and requirements set forth at the Central Economic Work Conference, if we dare to shoulder responsibility, act effectively, seek truth from facts, and creatively ensure thorough implementation, we will surely achieve the economic and social development goals and tasks for next year, thereby setting a strong start and making solid progress in the comprehensive building of a modern socialist country through new achievements in high-quality development.

Xinhua News Agency reporters Jiang Lin, Shen Cheng, and Liu Xiacun