Under multiple shocks，China’s economy experienced bigger fluctuations in 2022 with diverse performance in different sectors. The main factors that dictate the dynamic of Chinese economy are the Omicron pandemic，Ukraine Crisis，heat wave，sluggish housing market and lying flat private sector. The accommodative policy，on the other hand，played a significant role in keeping economy afloat. Its frequency and intensity are unseen in recent years. Looking ahead，domestic environment will be more favorable，boosted by 20th CPC congress and improved pandemic response，while external environment will be exacerbated due to possible stagflation scenario of global economy and increased containment by US. In conclusion，with proper policy support，China’s economy will continue its recovery process and grow at about 5% in 2023.