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China’s economy grows 5.2% in 2023, in line with target

Premier Li Qiang, at the World Economic Forum in Davos, reported that China’s economy grew by 5.2% last year, in line with its goal. Emphasising continued economic openness, Li addressed global partners’ concerns amid post-pandemic challenges and a real estate downturn. President Xi Jinping, in a separate address, advocated for a financial market model distinct from the West. Li, leading the highest-level Chinese delegation since President Xi in 2017, highlighted the importance of competition and cooperation, stressing the need for stable global supply chains. He projected China as a vital force in driving global demand, despite its declining birth rate. Additionally, China considers a significant sovereign bond issuance to support economic growth, ahead of the Boao Forum for Asia, focusing on global economic and technological collaboration.

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