GDP expands 5.2% last year despite headwinds

Still moving: Gantry cranes are seen in Shenzhen, China. The country’s economy has grown without relying on massive stimulus. — Bloomberg

Beijing: China’s gross domestic product (GDP) expanded by 5.2% in 2023, meeting the country’s preset annual growth target of around 5%, fuelled by a slew of policy measures taking effect gradually last year, official data shows.

The country’s annual GDP came in at 126.06 trillion yuan in 2023, according to the National Bureau of Statistics (NBS). For the fourth quarter of 2023, the Chinese economy grew 5.2% year-on-year (y-o-y), following 4.9% growth in the third quarter.