© Reuters.
Investing.com — China’s economy is expected to have grown by an “estimated” 5.2% in 2023, topping Beijing’s target set at the beginning of last year, the country’s Premier Li Qiang said in a speech at the World Economic Forum in Davos, Switzerland.
Li told the closely-watched annual gathering of leaders in business and government that the Chinese economy is making “steady progress,” adding that it will continue to provide “strong impetus” for global growth.
“Last year, the Chinese economy rebounded and moved upward,” he said in prepared remarks on Tuesday.
Recent data has suggested that China is struggling to regain its footing following the lifting of harsh COVID-era restrictions. Despite posting an increase in exports in December, the world’s second-largest economy continues to face deflationary pressures, weak consumer spending, and an ongoing property sector crisis, prompting some analysts to call on policymakers to roll out more support measures.
Li, however, argued that Beijing had promoted economic development in China without needing to introduce “massive stimulus.”
“We did not seek short-term growth while accumulating long-term risks,” he said.
Official Chinese gross domestic product (GDP) data for 2023 is due to be unveiled on Wednesday. A poll of economists conducted by Reuters found that growth likely expanded by 5.2% last year.
China’s GDP is expected to decelerate to 4.6% this year, before slowing further to 4.5% in 2025, the Reuters survey showed.