China aims for a quality boost as its economy recovers
The year 2023 marked the beginning of China’s push to promote its modernization. It was also a year of economic recovery following three years of covid prevention and control. Towards the end of the year, we saw many discussions about China’s economy.
The annual Central Economic Work Conference held in Beijing on 11 and 12 December reviewed China’s economic situation and decided 2024’s priorities. It concluded that the fundamental trend of China’s economic recovery and long-term positive outlook has not changed. China’s economic growth momentum remains strong: In the first three quarters of last year, China’s gross domestic product (GDP) reached more than RMB 91.3 trillion (about $12.7 trillion), growing 5.2% year-on-year, which is among the highest for fast-growing economies.
China will contribute a third of global economic growth in 2023. The International Monetary Fund raised China’s growth estimate to 5.4% for 2023. JPMorgan Chase, UBS and Deutsche Bank have also increased their estimates for the Chinese economy to above 5.4%.
During the recent New Year holiday, 135 million domestic trips were made, up 9.4% on a comparable basis from the same period in 2019; and domestic tourism generated 5.6% higher revenue than it did in the same period of 2019. Market institutions widely expect that China can achieve its annual growth target of around 5%, which was set at the beginning of last year. A shift from high-speed to high-quality growth has greatly improved the efficiency of development in China: In 2023, China’s total automobile exports will rank first in the world.
Read more on livemint.com
