The Chinese economy continues to grow: 5.2 percent

According to official figures, the Chinese economy grew by 5.2 percent last year. The statistics bureau announced this in Beijing on Wednesday. This meant that the government’s growth target of approximately five percent was slightly exceeded.

As for the entire year, the second-largest economy grew by 5.2 percent in the fourth quarter, the statistics agency announced. In the previous three quarters, the Chinese economy grew by 4.5 percent, 6.3 percent and 4.9 percent.

Recently, the export-driven economy has been particularly affected by weak global demand, the real estate market crisis and weak domestic consumption. The growth target for the current year will be announced in March, when the People’s Congress meets for its annual session.

After the strict Corona rules ended, the economy initially grew significantly, but then quickly lost momentum. In addition, foreign companies have increasingly withdrawn profits from China, seen as a sign of continued uncertainty.

The Prime Minister promotes investments

Chinese Premier Li Qiang had already unveiled the 5.2 percent growth target the day before in a speech at the economic forum in Davos GR. In 2023, the economy of the country with around 1.4 billion inhabitants recovered, according to China’s number two.

China did not need “huge stimulus” to advance its economy and did not accept short-term growth with long-term risks, Li said. The Prime Minister appealed for foreign investment and announced that China wanted to open up further.

As a sign of economic stabilization, Chinese exports picked up again in December. Overall, however, 2023 was a difficult year for China’s foreign trade. Partly due to weaker global demand, exports fell by 4.6 percent. Chinese imports fell by 5.5 percent. (rbu/sda/dpa)