2024-01-16 12:18:21
Chinese Premier Li Qiang said on Tuesday that the country’s economy is expected to have grown by about 5.2% in 2023, at the annual meeting of the World Economic Forum in Davos.
“Our GDP growth is expected to be around 5.2%, which is higher than the target of around 5% that we set early last year,” the prime minister said.
This increase marks an improvement from the 3% recorded in 2022, when severe restrictions imposed during the Covid-19 pandemic hit economic activity hard.
However, this would be the weakest growth since 1990, if we exclude the pandemic years.
“China’s economy generally rebounded and improved last year,” Li said in his speech.
Despite the lifting of health restrictions, lack of business confidence and sluggish consumption still weigh on the world’s second largest economy.
A debt crisis in the crucial real estate sector and soaring youth unemployment have added to the malaise.
“No matter how the global situation develops, China will stick to its national policy of opening up to the outside world,” Li said. He affirmed that “the door of opening up will only expand.” “Choosing the Chinese market is not a risk but an opportunity,” he assured.
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