China’s economy to grow by 5.2 percent in 2023 according to Premier Li
Published: Tuesday, Jan 16th 2024, 13:02
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According to Premier Li Qiang, China's economy grew by around 5.2 percent last year. The economy of the country with a population of around 1.4 billion will have recovered by 2023, China's number two said on Tuesday at the World Economic Forum in Davos. The rate is higher than the estimated target of five percent set at the beginning of last year. Li made the statements just one day before the country was due to officially publish its economic performance data.
China did not need "massive incentives" to drive its economy forward and did not accept short-term growth with long-term risks, Li said. He compared China to a "healthy person who has a strong immune system", as the second-largest economy had, according to him, laid important foundations over decades of growth. "The Chinese economy can handle ups and downs in its performance," Li emphasized. The long-term growth trend will therefore not change.
Li courted foreign investment and announced that China wanted to open up further. Beijing also wants to improve the environment for foreign companies. They repeatedly complain about opaque legal regulations such as cross-border data transfer or agreements that benefit Chinese companies in public tenders. China is working on "formulating relevant regulations" for these problems, said Li.
Last year, China's economy struggled with weak domestic consumption and a severe real estate crisis. Following the end of the strict coronavirus regulations, the economy initially grew significantly, but then quickly lost momentum again. Foreign companies also increasingly withdrew their profits generated in China, which is seen as a possible sign that companies do not want to invest in the country again.
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