China’s economy continues to surprise analysts, with fresh data revealing both steady growth and untapped potential. The 2023 statistical communique confirmed a 5.2% GDP increase last year, beating government targets and showcasing resilience amid global challenges . Per capita GDP also rose 5.4%, signaling stronger individual spending power.
While February’s manufacturing PMI dipped slightly to 49.1—blamed on Lunar New Year slowdowns—the non-manufacturing sector stayed robust. “This is a seasonal blip, not a trend,” said Bruce Pang, JLL’s chief economist, highlighting China’s shift toward a service-driven economy .
But the real buzz? Experts argue China’s economy still has hidden fuel in the tank. The Economic Daily noted underused industrial capacity (75.1% vs. the ideal 80%) and a 5.2% urban unemployment rate as opportunities. “Reforms and moving workers to high-productivity sectors could unlock massive structural potential,” the paper wrote .
All eyes now turn to China’s annual ‘Two Sessions’ meetings, where 2024 policies will aim to solidify recovery and drive innovation. Will new strategies tap into these unrealized resources? Stay tuned .
. Per capita GDP also rose 5.4%, signaling stronger individual spending power.
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