China’s economy grows by 5.2 percent
Published: Wednesday, Jan 17th 2024, 06:20
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According to official figures, the Chinese economy grew by 5.2 percent last year. This was announced by the statistics office in Beijing on Wednesday. This slightly exceeded the government's growth target of around five percent.
As in the year as a whole, the second-largest economy grew by 5.2% in the fourth quarter, according to the statistics office. In the previous three quarters, the Chinese economy had grown by 4.5 percent, 6.3 percent and 4.9 percent respectively.
Most recently, the export-driven economy had suffered primarily from weak global demand, the struggling real estate market and weak domestic consumption. The growth target for the current year will be announced in March when the People's Congress convenes for its annual meeting.
After the end of the strict coronavirus regulations, the economy initially grew significantly, but then quickly lost momentum. In addition, foreign companies increasingly withdrew their profits generated in China, which is seen as a sign of the ongoing uncertainty.
Prime Minister calls for investment
China's Premier Li Qiang had already revealed the growth target of 5.2 percent in a speech at the Economic Forum in Davos GR the previous day. By 2023, the economy of the country with a population of around 1.4 billion will have recovered, said China's number two.
China did not need "massive incentives" to drive its economy forward and did not accept short-term growth with long-term risks, said Li. The Prime Minister called for foreign investment and announced that China wanted to open up further.
As a sign that the economy was stabilizing, China's exports regained momentum in December. Overall, however, 2023 was a difficult year for Chinese foreign trade. Exports fell by 4.6%, partly due to weaker global demand. China's imports fell by 5.5 percent.
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