China's GDP 2023 +5.2%

According to the latest data released by the National Bureau of Statistics on January 17, 2024, China's GDP grew 5.2 per cent year on year in 2023, higher than the annual target of 5 per cent set by the Chinese government. 

On a quarterly basis the economy expanded by 5.2 per cent in the October-December period, following a 4.9 per cent growth in the third quarter.

The country's fixed asset investment, a gauge of expenditure on items including infrastructure, property, machinery, and equipment rose 3 per cent in 2023. High-tech industries recorded robust growth, with investment increasing by 10.3 per cent over the previous year. In particular, investment in high-tech manufacturing and high-tech services sectors expanded by 9.9 per cent and 11.4 per cent, respectively. 

In 2023, China's value-added industrial output, an important economic indicator, increased 4.6 per cent year on year, and 6.8 per cent in the month of December.

China's retail sales of consumer goods, a major indicator of the country's consumption strength, expanded by 7.2 per cent in 2023, in December alone the figure rose by 7.4 per cent.