China’s economy grew 5.2% in 2023, says Chinese premier

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At the World Economic Forum, Li Qiang stated that the growth rate in 2023 was achieved without “massive stimulus” and that the economy was in “steady progress”. China’s new Prime Minister, Li Qiang, during a Communist Party congress, on March 11, 2023. Greg Baker/ Pool via Reuters Chinese Premier Li Qiang said this Tuesday (16) in a speech in Davos that China’s economy grew by around 5.2% last year, exceeding the country’s official target of 5% and expansion of 3% in 2022, according to the “Financial Times”. During his speech at the World Economic Forum, Li stated that the growth rate in 2023 was achieved without “massive stimulus” and that the economy was in “steady progress”. For the prime minister, the Chinese economy can deal with ups and downs in its performance, just like “a person with a strong immune system”. Li also said that the return on foreign direct investment in China was around 9% and that the country remained open to international business, reiterating that “choosing the Chinese market is not a risk, but an opportunity.” “We embrace investment in companies from all countries with open arms,” he added. China’s 5% growth target for 2023 was China’s lowest in decades, amid an economic emergency marred by a property slowdown following the Covid-19 pandemic, falling exports and a lack of investor confidence. Brazil-China trade balance breaks record in 2023 The GDP announcement by the prime minister came as a surprise for economists, who expected the official release of the data only this Wednesday (17) by the National Statistics Department. Additionally, Li sought to calm concerns about the country’s recovery from the pandemic and cited what he describes as a “trust deficit” between nations. In a veiled criticism of the US, he said that “multilateralism” did not mean that only a few countries could set the rules. Li told the audience in Davos that understanding the current situation of the Chinese economy and which direction it is heading is similar to “walking in the Alps”, since “to see the beauty of the mountains you have to zoom out and look from afar”. A statement released today by Chinese President Xi Jinping’s office showed the country’s interest in investing in an economy geared toward older people, as it seeks to capitalize on the commercial opportunities offered by its rapidly aging population. The document presented a plan to achieve the goal, in addition to addressing the need for financial investment to meet the needs of the elderly and greater access to health, education and leisure services.

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