China’s economy grows by 5.2% in 2023, Li Qiang says at Davos

China’s economy has grown by an estimated 5.2 per cent last year, according to Chinese Premier, Li Qiang, in his address at the World Economic Forum in Davos 2024.

This was higher than its 5 per cent target, Li added.

“In promoting economic development, we did not resort to massive stimulus, we did not seek short-term growth … rather we focused on strengthening internal drivers,” the Chinese premier further said.

China’s contribution to world economic growth is around 30 per cent, he added, describing the country as having made “steady progress.”

“The Chinese economy can handle ups and downs in its performance. The overall trend of long-term growth will not change,”

China GDP figures for the fourth quarter are expected to be released on Wednesday.