China's economy expanded 5.2% in 2023, even though recovery is uneven

(17 Jan 2024)
RESTRICTION SUMMARY:

ASSOCIATED PRESS
Beijing - 17 January 2024
1. Wide of officials at news conference
2. Wide of reporters
3. SOUNDBITE (Mandarin) Kang Yi, Director of National Bureau of Statistics:
"(All departments of the government) comprehensively deepened reform and opening up, strengthened macroeconomic regulation, redoubled efforts of expanding domestic demand, optimized structure, boosted confidence and prevented and defused risks. As a result, the national economy has witnessed a momentum of recovery. Supply and demand have steadily improved. Transformation and upgrade have advanced. Employment and prices have been generally stable. And people's wellbeing have been effectively guaranteed. Steady progress has been made in pursuing high-quality development. The major expected target was achieved. According to preliminary estimates, the GDP was 126,058.2 billion yuan, an increase of 5.2% over the previous year at constant prices."
4. Wide of reporter asking questions
5. SOUNDBITE (Mandarin) Kang Yi, Director of National Bureau of Statistics:
"Last year, the global economy remained sluggish. There have been complex changes in the International landscape and frequent geopolitical conflicts. The external environment we were faced with was getting more complex and uncertain. There have been cyclical and structural problems and frequent natural disasters at home."
6. Wide of news conference
7. SOUNDBITE (Mandarin) Kang Yi, Director of National Bureau of Statistics:
"Looking forward, in 2024 we must be clear that the external environment will remain complex and grim. The effective demand at home is insufficient. There is overcapacity in certain sectors. People’s expectations are weak. And there are still hidden risks. We still need to overcome some difficulties and challenges in further improving economic recovery and development.”
8. Wide of news conference
STORYLINE:
China’s economy for the most recent October-December quarter grew at a quicker rate, allowing the the country's government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven.

Kang Yi, Director of the National Statistics Bureau, said at a briefing on Wednesday morning, that the Chinese economy grew 5.2% for 2023.

The growth for 2023 is likely helped by 2022’s GDP of just 3% as China’s economy slowed due to COVID-19 and nationwide lockdowns during the pandemic.

For the fourth quarter, China’s gross domestic product also grew at 5.2% compared to the same time last year.

On a quarterly basis, the economy rose 1% in Q4, slowing from the expansion of 1.3% in Jul-Sep.

Kang said that measures including "strengthened macroeconomic regulation, 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. 

However, indicators point to a largely uneven recovery for China. Trade data for December, released earlier this month, showed a slight growth in exports for a second straight month as well as a slight increase in imports.

Consumer prices however fell for a third consecutive month as deflationary pressures persisted.

But the recovery clearly remains shaky.

And while we still anticipate some near-term boost from policy easing, this is unlikely to prevent a renewed slowdown later this year.

Although the government met its 2023 GDP growth target of around 5.0%, achieving the same pace of expansion in 2024 will prove a lot more challenging.
AP video by Borg Wong
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