China's GDP grew by about 5.2% in 2023

Chairman of the State Council of the People's Republic of China, Li Qiang, said at the World Economic Forum in Davos that the economic growth rate in China in 2023 was about 5.2%. 

This exceeds the Chinese government's target, which was set at «about 5%.»

Li Qiang also noted that despite achieving high growth rates, China did not resort to large-scale incentives and did not seek short-term growth, preferring to take into account long-term risks. This indicates a strategic approach to the development of the Chinese economy.

Data on the dynamics of China's GDP for the fourth quarter will be published tomorrow, January 17. The consensus forecast of analysts suggests an acceleration in GDP growth in the last quarter to 5.3% in annual terms, which is a positive signal for the Chinese economy. In the third quarter, the indicator was recorded at the level of 4.9%.