China’s GDP posted a year-on-year growth of 5.2 percent to 126.06 trillion yuan ($17.52 trillion) in 2023, surpassing the country’s official annual target of around 5 percent set last March, data from the National Bureau of Statistics (NBS) showed on January 16.
GDP matters because it gauges the size and health of an economy within a given period of time.
Despite external and domestic difficulties, China met its annual growth targets and saw rebounds in many economic sectors, Kang Yi, head of the NBS, told a press conference on January 16.
China’s growth outpaces the estimated global rate of 3 percent. Its contribution to global GDP growth is expected to reach over 30 percent in 2023, putting it at the top of the world’s major economies, Kang said.
As Chinese Premier Li Qiang told the World Economic Forum Annual Meeting 2024, which ran from January 15 to 19, “Choosing the Chinese market is not a risk, but an opportunity.”
The country’s large market, expanding talent pools and new growth drivers such
