The Chinese economy grew at an uneven pace in 2023, yet achieved the growth rate set by Beijing thanks to strong results in the fourth quarter, data from the statistical office showed on Wednesday.
The world’s second-largest economy grew by 5.2 percent last year, statisticians calculated. The government set a growth target of around five percent.
In the fourth quarter, activity also increased by 5.2 percent compared to the same period the previous year. In the third quarter, it increased by 4.5 percent, in the second by 6.3 percent, and in the first by 4.9 percent.
China is export-oriented, but external demand has been hampered by high financing costs and trade restrictions. Domestic demand, on the other hand, has faltered under the pressure of a real estate market crisis and high local government debt.
Beijing will announce its targeted growth rate for this year in March, following the annual session of the National People’s Congress.
Premier Li Qiang revealed at the World Economic Forum in Davos that the targeted growth of 5.2 percent has been achieved.
China does not need “large stimuli” to boost the economy and does not accept short-term growth with long-term risks, Li said.
