China fully capable to overcome challenges this year

China has the confidence and capabilities to ward off multiple risks and challenges this year, according to the National Bureau of Statistics.

Despite facing a more complicated and grimmer external environment, as well as multiple pressures from shrinking demand, supply shocks and weakening expectations, China's economy, characterized by strong resilience, tremendous potential, great vitality and long-term sustainability, will remain sound, Sheng Laiyun, deputy head of the NBS, said on Tuesday.

He said in a statement that the necessary production factors for quality development also remain unchanged.

With a GDP of $18 trillion, China, the world's second-largest economy, has managed to deal with adverse economic shocks in 2022, posting a 3 percent year-on-year growth, NBS data showed.