Media: China's growth surpasses target in 2023

2024-01-18 Editor : Li Yan ECNS App Download

The financial district of Pudong New Area. (Photo by Gao Erqiang/China Daily)

Multiple overseas media have noted China outpacing its GDP target for 2023. China's economy grew 5.2 percent in 2023, surpassing the government's official growth target for the year, a Bloomberg story reported on Tuesday.

China's economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5 percent annual growth, ABC News said on Tuesday.

The agency reported that officials from China's National Bureau of Statistics said measures including "strengthened macro regulation and redoubled efforts to expand domestic demand, optimize structure, boost confidence and prevent and defuse risks" had helped improve the momentum of recovery, supply and demand.

Industrial output, which measures activity in the manufacturing, mining and utilities sectors, rose 4.6 percent in 2023 compared to a year earlier, while retail sales of consumer goods grew 7.2 percent., said the ABC News, citing China's official data.

China is the second-biggest economy behind the US and has been a key driver of global economic growth, said AP in a Wednesday story.

In 2024, China's economic landscape is poised for a notable rebound, Pakistani news outlet The News reported on Jan 9, quoting the opinion of Imran Khalid,a freelance columnist on international relations based in Karachi,Pakistan.

He said that service consumption, alongside robust investment, is carving a new economic pathway, reflecting a strategic shift in China's growth model.

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