China's GDP expands 5.2% in 2023, surpassing annual target

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A transport vehicle delivers the installed power battery system parts at a workshop of SAIC-CATL Motor Power Battery System Co., Ltd. in Changzhou, east China's Jiangsu Province, Feb. 16, 2023. [Photo/Xinhua]

China's gross domestic product (GDP) posted a growth of 5.2 percent year on year in 2023, higher than the annual target of around 5 percent, data from the National Bureau of Statistics (NBS) showed Wednesday.

The country's GDP reached a record of 126.06 trillion yuan (about 17.71 trillion U.S. dollars) in 2023, the NBS data showed.

Despite external pressure and internal difficulties, China has successfully achieved the major targets set for 2023 and recorded a rebound and improvements in the economy, Kang Yi, head of the NBS, told a press conference.

He also cautioned that the economic growth still faces some difficulties and challenges as the the external environment has become more complex and severe with increased uncertainties.

In the fourth quarter, the Chinese economy expanded 5.2 percent year on year, and the country's economy grew 1 percent quarter on quarter, according to the NBS.

China's value-added industrial output, an important economic indicator, went up 4.6 percent year on year in 2023, NBS data showed.

Fixed-asset investment went up 3 percent year on year in 2023, while retail sales of consumer goods, a major indicator of the country's consumption strength, climbed 7.2 percent year on year.

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