China’s economy demonstrated steady growth in 2023, with the National Bureau of Statistics (NBS) announcing a 5.2 percent year-on-year increase in Gross Domestic Product (GDP), reaching 126.06 trillion yuan ($17.75 trillion). This growth surpassed the government’s target of “around 5 percent,” indicating a resilient economic performance despite facing multiple pressures.
According to Sheng Laiyun, deputy director of the NBS, the Chinese economy showed a pattern of initial slower growth followed by a faster and more stable pace as the year progressed. The quarterly GDP growth rates were 4.5 percent, 6.3 percent, 4.9 percent, and 5.2 percent, respectively. The steady recovery and achievement of main economic targets highlight China’s robust economic fundamentals.
China’s economic growth in 2023 significantly outpaced that of the United States, which registered a 2.5 percent GDP increase, despite a complex international landscape. This showcases China’s growing influence and resilience in the global economy.
Stable Employment and Moderate Inflation
The employment market in China remained generally stable, with the average urban unemployment rate at 5.2 percent—down 0.4 percentage points from the previous year and below the projected target of around 5.5 percent. This stability reflects the effectiveness of policies aimed at maintaining employment levels amidst economic challenges.
In terms of consumption and prices, China’s Consumer Price Index (CPI) rose by 0.2 percent over the previous year, maintaining a moderate upward trend. This inflation rate is markedly lower than the 4.1 percent increase in the United States and 5.4 percent in the euro area. Sheng highlighted that this contrasts sharply with the high inflation plaguing major developed economies.
Pursuit of High-Quality Development
China continued to advance towards high-quality development goals. The country made significant progress in transforming its development model and optimizing its economic structure. Investments in technology to upgrade the manufacturing industry increased by 3.8 percent over the previous year. High-tech manufacturing’s value-added output accounted for 15.7 percent among all major industrial enterprises, while equipment manufacturing contributed 33.6 percent.
Advancing Reform and Opening-Up
Additionally, China made strides in promoting a unified national market and enhancing the environment for private economic development. In 2023, 32.73 million new business entities were established, averaging 27,000 new enterprises per day. This surge in entrepreneurship effectively enhanced the vitality and vibrancy of economic development.
In international trade, China maintained a basic equilibrium in the balance of payments. The total value of imports and exports of goods reached 41.8 trillion yuan, achieving positive growth despite a high baseline. Exports increased by 0.6 percent, helping to keep China’s international market share stable.
Sheng Laiyun emphasized that while China continues to face strategic opportunities alongside risks and challenges, the opportunities outweigh the challenges, and favorable conditions surpass unfavorable factors.
Reference(s):
cgtn.com
