In 2023, China’s GDP Surpasses Annual Target, Expanding by 5.2 Percent

In 2023, China’s gross domestic product (GDP) exceeded expectations, recording a 5.2 percent year-on-year growth, surpassing the targeted 5 percent, according to data released by the National Bureau of Statistics (NBS) on Wednesday. The country’s GDP reached a historic high of 126.06 trillion yuan (approximately 17.71 trillion U.S. dollars) in 2023, signaling a successful achievement of major targets despite external and internal challenges. Kang Yi, head of the NBS, highlighted the economy’s rebound and improvements, though he cautioned that growth still faces difficulties amid a complex and uncertain external environment. In the fourth quarter alone, the Chinese economy expanded by 5.2 percent year on year, with a 1 percent quarter-on-quarter growth. Key economic indicators showed a 4.6 percent year-on-year increase in value-added industrial output, a 3 percent rise in fixed-asset investment, and a 7.2 percent growth in year-on-year retail sales of consumer goods.

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