China's economy showed remarkable resilience in 2023, achieving a 5.2% GDP growth and surpassing government targets despite facing multiple challenges. The National Bureau of Statistics (NBS) reported that the country's GDP reached 126.06 trillion yuan ($17.75 trillion), outperforming the projected growth of around 5 percent.
Throughout the year, China's GDP growth displayed a consistent upward trend with quarterly increases of 4.5%, 6.3%, 4.9%, and 5.2%. This steady progression highlights China's ability to maintain a stable and robust economic pace even in a complex international landscape, significantly outpacing the United States' 2.5% GDP growth.
Stable Employment and Low Inflation
The employment market remained stable, with the average urban unemployment rate dropping to 5.2%, below the target of 5.5%. Additionally, China's consumer price index (CPI) rose by only 0.2%, a stark contrast to the higher inflation rates seen in major developed economies like the U.S. and the euro area.
Advancing High-Quality Development
China continues to focus on high-quality development, transforming its economic model and optimizing its structure. Investment in technology saw a 3.8% increase, particularly in high-tech and equipment manufacturing sectors, which accounted for significant portions of value-added output.
Reform and Opening-Up
Progress in reform and opening-up initiatives has been notable, with the establishment of 32.73 million new business entities in 2023. This surge in new enterprises has enhanced economic vitality and vibrancy. In international trade, China maintained a balanced balance of payments with imports and exports totaling 41.8 trillion yuan, ensuring stable international market share.
Looking ahead, the NBS emphasized that while China faces strategic opportunities and challenges, the favorable conditions continue to outweigh the unfavorable factors, positioning the country for sustained economic growth.
Reference(s):
cgtn.com
