China's economy expanded 5.2% last year, hitting target of 'about 5%' even though recovery is uneven
China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven
By ZEN SOO
Published - Jan 16, 2024, 09:09 PM ET
Last Updated - Jan 16, 2024, 09:09 PM EST
HONG KONG (AP) — China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven.
Official data released Wednesday showed that the Chinese economy grew 5.2% for 2023, surpassing the target of ‘about 5%’ that the government had set.
The growth for 2023 is likely helped by 2022’s GDP of just 3% as China’s economy slowed due to COVID-19 and a nationwide lockdown.
For the fourth quarter, China’s gross domestic product also grew at 5.2%.
