This report evaluates the major progress and challenges of Indonesia’s economic and social development since 2020. Firstly，on macroeconomics，Indonesia experienced a deep “V-shaped” economic fluctuations. Since 2021 to the first half of 2022，Indonesia’s economy has shown a promising recovery，driven by a remarkable high，two-way growth in international trade，by net inflow of foreign capital，and supported by relatively stable finance system. Nonetheless，the prospect of further recovery in economy faces some serious challenges，such as the coexistence of high unemployment and high inflation rates，de-industrialization trend，energy supply pressure，and high external uncertainty exacerbated by the drastic changes in global geopolitics. Secondly，on politics and government governance，the “Forward Cabinet” has strengthened its political foundation through a series of inclusive action，and has taken measures to strengthen social tolerance and national security. Meanwhile，the reform on bureaucratic system has been continuously moving forward，which is marked by the introducing of the Job Creation Law（UU Cipta Kerja）. In the Diplomatic area，Indonesia insists its balance and pragmatic foreign policy，even under circumstance of drastic geopolitics shaking. Thirdly，on social development，Indonesia has achieved progress in infrastructure construction and people’s living improvement during the past two years，but some problems still remain unsolved，such as relatively low quality in education system，slow speed of agricultural population transfer，lagged development in technology，unemployment and poverty issues that even worsen due to the COVID-19 shock. Finally，the report points out，under the background of pandemic and anti-globalization wave，economic and trade cooperation between China and Indonesia has been furtherly deepened，with strategic cohesion strengthening and cooperation fields expanding.