China’s economic report card for the year 2023 was recently released, and the data from the National Bureau of Statistics shows an increase of 5.2% in the gross domestic product (GDP) at constant prices. According to experts, this growth not only maintains the stability of economic “quantity” but also promotes the optimization of economic structure, particularly in the development of a modern industrial system led by science and technology.
Wei Qijia, director and researcher of the Industrial Economics Research Office of the Economic Forecast Department of the State Information Center, emphasized the importance of not only focusing on the “quantity” of economic growth but also on the “quality” of growth. He stated that China’s economy is making solid progress towards high-quality development while operating steadily. He highlighted the significance of the strong resilience of China’s economic growth, the restoration of confidence in business entities, and the technological innovation and industrial upgrading as key factors contributing to high-quality development.
Furthermore, several international institutions and business organizations have raised their expectations for China’s economic growth, emphasizing that China remains the largest engine of global economic growth. This is evidenced by the GDP exceeding 126 trillion yuan in 2023, with a growth rate 2.2 percentage points faster than the previous year. Wei Qijia stated that this was not an easy feat and highlighted the “gold content” and “new content” performance of China’s economic development, noting that China’s economic report card in 2023 not only maintained the stability of economic “quantity” but also promoted the optimization of economic structure in a timely manner.
The article also sheds light on the remarkable performance of emerging driving forces such as advanced manufacturing, indicating a smooth transition process between old and new momentum, and the continuous emergence of new economic growth points. It also details the stable and improving industrial economy, the trend of industrial transformation and upgrading, and the stable, high-quality foreign trade operations.
Experts have emphasized the importance of implementing policies effectively to continue promoting economic recovery in the coming years. According to Wei Qijia, it is crucial to open up the “last mile” of policy implementation and strive to shorten the policy implementation cycle, which is essential for China’s economic development in 2024.
Overall, the article provides a comprehensive overview of China’s economic performance in 2023, emphasizing the various factors contributing to high-quality development and the potential trends for the future.