China posted a robust GDP growth of 5.2 percent for 2023, successfully beating the government’s pre-set yearly target of around 5 percent, the National Bureau of Statistics said on Wednesday. This highlighted the strong internal dynamics of the world’s second-largest economy and its significant potential for continuous expansion, even amid a turbulent international macroeconomic environment, continuing to drive global resurgence.
The country’s economy particularly achieved a standout performance in the fourth quarter, growing 5.2 percent between October and December. Chinese Premier Li Qiang revealed a 5.2-percent GDP growth for 2023 during a speech at the World Economic Forum (WEF) annual meeting in Davos on Tuesday.
Despite factors including a slowdown in the real estate industry, China’s economy emerged from the shadows of the pandemic over the past 12 months, achieving a remarkably steady growth, and refuting the continuous attempts by certain foreign media outlets to paint a negative picture of China's economic recovery.
Analysts noted that the fundamentals of the Chinese economy remain solid, with new growth drivers continually emerging, while certain risk factors are being steadily addressed by government policies. Despite challenges expected in 2024, there is a positive outlook for the Chinese economy to navigate the choppy waters, ensuring continuous and steady growth.
In 2023, China’s annual GDP reached 126.06 trillion yuan ($17.52 trillion), registering a 5.2 percent growth compared to the previous year. Despite stiff headwinds, the national economy demonstrated resilience, achieving a new milestone in overall economic development, according to data released by the National Bureau of Statistics (NBS) on Wednesday.
