China's economy has shown impressive resilience and growth in 2023, surpassing government targets and outperforming major global counterparts. According to Sheng Laiyun, deputy director of the National Bureau of Statistics (NBS), the GDP surged by 5.2 percent year on year, reaching a staggering 126.06 trillion yuan ($17.75 trillion).
Throughout the year, China's GDP growth exhibited a dynamic trend with quarterly increases of 4.5%, 6.3%, 4.9%, and 5.2% respectively. This pattern highlights a strong and stable economic momentum as the year progressed.
In contrast to the global economic landscape, China's growth outpaced the U.S.'s 2.5% GDP increase. The employment market remained robust, with the average urban unemployment rate dipping to 5.2%, below the projected 5.5% target. Additionally, China's consumer price index (CPI) rose modestly by 0.2%, starkly lower than the inflation rates observed in the U.S. and the euro area.
China continues to focus on high-quality development, investing 3.8% more in technology to upgrade the manufacturing industry. High-tech manufacturing and equipment manufacturing have become significant contributors, accounting for 15.7% and 33.6% of value-added output respectively.
Advancements in reform and opening-up have also played a crucial role. The creation of 32.73 million new business entities in 2023, averaging 27,000 new enterprises daily, has injected vitality into the economy. International trade remained strong with a total import and export value of 41.8 trillion yuan, maintaining China's stable market share globally.
Looking ahead, Sheng Laiyun remains optimistic, stating that \"the opportunities outweigh challenges, and the favorable conditions outweigh unfavorable factors.\" China's strategic focus on transforming its development model and optimizing economic structures positions it well for continued growth and stability.
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