China's economy expanded 5.2% last year, hitting target of 'about 5%' even though recovery is uneven

China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven

China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven.

Official data released Wednesday showed that the Chinese economy grew 5.2% for 2023, surpassing the target of ‘about 5%’ that the government had set.

The growth for 2023 is likely helped by 2022’s GDP of just 3% as China’s economy slowed due to COVID-19 and a nationwide lockdown.

For the fourth quarter, China’s gross domestic product also grew at 5.2%.

On a quarterly basis, the economy rose 1% in Q4, slowing from the expansion of 1.3% in Jul-Sep.