Why China is rebalancing growth drivers
China's GDP grew 5.2 percent in 2023, reaching its annual target and exceeding growth rates of various developed economies. The country's economy is expected to continue its positive trajectory in 2024, supported by multiple factors, indicating a growth rate of around 5 percent.
China's economy showed signs of improvement in 2023, with a 5.2 percent GDP growth rate, reaching its annual target. The overall compound growth rate over the past two years stood at 4.1 percent, indicating a 'moderate recovery'. The recovery pace fluctuated, with relatively low nominal growth and supply-demand imbalances. China's economy will continue to be influenced by these variables in 2024. The service and consumption sectors experienced a significant recovery in 2023, contributing to overall growth. However, key macro indicators, including industrial output and fixed-asset investment, remained below 2019 levels. China's output gap narrowed throughout the year, and the economy demonstrated resilience and growth on the production side.
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