China’s economy grew by about 5.2% in 2023, slightly better than the official target Beijing had set, Premier Li Qiang said Tuesday at the World Economic Forum’s annual meeting in Davos, Switzerland.
“In the past year of 2023, China’s economy has generally rebounded and improved,” Li told the meeting of global business and political leaders. The Chinese government had earlier said that it was targeting a growth rate of around 5% last year.
Li’s comments come just a day before the world’s second-largest economy is set to announce its official 2023 growth figures.
The country has been beset by a series of economic problems, including a real estate crisis, record youth unemployment, deflation, and a rapidly ageing population. International economists have widely projected China’s growth to slow to around 4.5% this year.
“Even if there are twists and turns in China’s economic operation, its overall long-term positive trend will not change,” said Li. The premier is the most senior Chinese leader to attend the Davos forum in person since President Xi Jinping in 2017.
This is a developing story and will be updated.
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