Guangzhou (JLC), January 17, 2024--China's gross domestic product (GDP) rose 5.2% year on year in 2023, higher than the annual target of around 5%, according to data from the National Bureau of Statistics (NBS).
The country's GDP reached a record of 126.06 trillion yuan (about 17.71 trillion US dollars) in 2023, the NBS data shows.
Despite external pressure and internal difficulties, China has successfully achieved the major targets set for 2023 and seen a recovery and improvement in the economy, said Kang Yi, head of the NBS, at a press conference on January 17.
He also warned that economic growth still faces some difficulties and challenges as the external environment has become more complex and severe with increased uncertainties.
In the fourth quarter, China’s economy expanded 5.2% year on year, accelerating from a 4.9% increase in the third quarter.
The value added by the primary industry gained 4.1% to about 8.98 trillion yuan last year, that by the secondary industry grew by 4.7% to roughly 48.26 trillion yuan and that by the tertiary industry mounted by 5.8% to 68.82 trillion yuan, the NBS data indicates.
The investment in fixed assets rose by 3.0% to 50.30 trillion yuan. By sector, the investment in infrastructure construction climbed by 5.9%, that in manufacturing gained 6.5%, but that in real estate development dropped by 9.6%, the NBS said.
The investment in the primary industry edged down 0.1%, while that in the secondary industry and the tertiary industry went up by 9.0% and 0.4%.
The value of China’s imports and exports hit about 41.76 trillion yuan in 2023, a marginal increase of 0.2% from the previous year. Its exports gained 0.6% to 23.77 trillion yuan but its imports dipped 0.3% to 17.98 trillion yuan.
China's value-added industrial output, an important economic indicator, went up 4.6% last year, the NBS data also shows.
