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China surpasses GDP growth target in 2023 with 5.2% increase

18 Jan '24
1 min read
Pic: Adobe Stock
Pic: Adobe Stock

Insights

  • In 2023, China's gross domestic product (GDP) growth exceeded expectations at 5.2 per cent, surpassing the 5 per cent target.
  • The GDP hit a record 126.06 trillion yuan ($17.71 trillion), according to the National Bureau of Statistics.
  • The country's economy grew 5.2 per cent year-on-year and 1 per cent quarter-on-quarter in the fourth quarter of 2023.
China's economy outperformed expectations in 2023, achieving a gross domestic product (GDP) growth of 5.2 per cent, surpassing the annual target of approximately 5 per cent, as per the National Bureau of Statistics (NBS). The country's GDP reached a record 126.06 trillion yuan, equivalent to about $17.71 trillion.

Despite this notable achievement, Kang Yi, head of the NBS, expressed caution regarding the future. Yi highlighted that the country's economic growth still faces several challenges, primarily due to a more complex and severe external environment, alongside increasing uncertainties, according to Chinese media reports.

The Chinese economy expanded by 5.2 per cent year-on-year in the fourth quarter. Additionally, the economy grew by 1 per cent quarter-on-quarter during the same period.

ALCHEMPro News Desk (DP)
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