On January 17, the National Bureau of Statistics released the economic performance data for China in 2023.
In 2023, China's Gross Domestic Product (GDP) reached CNY 12.6 trillion, a 5.2% increase compared to the previous year when calculated at constant prices. This growth rate is 2.2 percentage points higher than that of 2022.
Examining key economic indicators, the comparable-price calculation reveals that China's economic increment exceeded CNY 6 trillion in 2023, equivalent to the annual economic output of a medium-sized country. The per capita GDP reached CNY 89,358, showing a 5.4% increase from the previous year. The urban surveyed unemployment rate decreased by 0.4 percentage points from the previous year. The national Consumer Price Index (CPI) saw a 0.2% YoY increase. Goods exports grew by 0.6%, and year-end foreign exchange reserves exceeded USD 3.2 trillion.
Preliminary estimates indicate that in 2023, the total Research and Development (R&D) investment in the whole society reached CNY 3.32782 trillion, with an R&D investment intensity of 2.64%, a 0.08 percentage point increase from the previous year. The proportion of value-added services in GDP rose to 54.6%. The contribution rate of final consumption expenditure to economic growth reached 82.5%, a 43.1 percentage point increase from the previous year.
Commenting on China's economic performance, Kang Y, the director of National Bureau of Statistics, emphasized the importance of not only evaluating it vertically but also comparing it horizontally with other countries. He noted that China's economic growth rate in 2023 surpassed the global expected growth rate of around 3%, positioning it at the forefront among major economies. The expected contribution rate to global economic growth is anticipated to exceed 30%, making China the primary engine of world economic growth.
Looking ahead to 2024, Kang Yi acknowledged the persistently complex and challenging external environment, with domestic demand still insufficient, certain industries facing overcapacity, weak social expectations, and numerous hidden risks. He emphasized the need to effectively address difficulties, solve problems, and continuously steer China's economy towards stability and long-term development in accordance with the decisions made during the Central Economic Work Conference.