EmerioBanque

Premier Li Says China's Economy Grew 5.2% in 2023

Li revealed that China’s gross domestic product grew by 5.22% last year, at the World Economic Forum’s annual meeting in Davos.


Beating Beijing’s annual projection of around 5 percent GDP growth.


Li’s announcement of the GDP figure surprised economists, who had been preparing for the official release of the data on Wednesday by the National Bureau of Statistics.


While recording China's second-slowest expansion since 1976, However, defying expectations of further cooling, the GDP outcome exceeded the government’s target amid a year marred by domestic lockdowns and external headwinds.


While independent economists have raised doubts about the accuracy of China's GDP statistics, Li defended the data by emphasizing that China had effectively balanced COVID controls against sustaining economic activity.


However, he acknowledged downward pressure on the economy as consumption and investment remained weak. Net exports have also slowed with waning global demand.


Premier Li Qiang's statement emphasized his wish to expand various economic exchanges with Switzerland including trade, the green economy, finance, and big data.


Li stated that he believes the Swiss side will "continue providing an open, fair, and nondiscriminatory business environment to Chinese companies."


Li urged global cooperation to promote trade, facilitate economic flows, and stabilize supply chains against geopolitical tensions.


Li said “Choosing the Chinese market is not a risk, but an opportunity. So we embrace investments across businesses of all countries with open arms”


He stated China's commitment to further open its economy and share growth opportunities worldwide.





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