Seven sets of data to examine China's economic pulse in 2023
2024-01-18
The Gross Domestic Product (GDP) exceeded 126 trillion yuan, a year-on-year increase of 5.2% - the latest data for 2023 was released by the National Bureau of Statistics on the 17th. How is the performance of the Chinese economy? How about the development vitality? What is the future trend? Through core economic data from various fields, Xinhua Perspective reporters will take you to observe the development pulse of China's economy. GDP growth of 5.2% year-on-year: The main expected target has been successfully achieved. By 2023, China's GDP will reach 126058.2 billion yuan, an increase of 5.2% compared to the previous year at constant prices, and the growth rate will accelerate by 2.2 percentage points compared to 2022. From the perspective of major economic indicators, calculated at comparable prices, China's economic growth exceeded 6 trillion yuan during the same period, which is equivalent to the annual total economic output of a medium-sized country; The per capita GDP reached 89358 yuan, an increase of 5.4% compared to the previous year. "Observing China's economic performance, we not only need to compare it vertically with ourselves, but also horizontally with other countries." Kang Yi, Director of the National Bureau of Statistics, said at the press conference of the State Council Information Office on the same day that China's economic growth rate in 2023 is higher than the expected global growth rate of about 3%, ranking among the top of the world's major economies, and is expected to contribute more than 30% to world economic growth, making it the largest engine of world economic growth. Looking ahead to 2024, Kangyi stated that the external environment remains complex and severe, with insufficient domestic effective demand, overcapacity in some industries, weak social expectations, and still many risks and hidden dangers. To effectively address difficulties and solve problems in accordance with the decisions and deployments of the Central Economic Work Conference, and continuously promote the stable and far-reaching development of the Chinese economy. The total retail sales of consumer goods reached a historic high: The role of the "main engine" has become more prominent. As the "main engine" driving economic growth, China's consumer market has recovered and improved in 2023. The total retail sales of consumer goods reached a historic high of 47.15 trillion yuan, an increase of 7.2% compared to the previous year. Among them, the rapid recovery of service consumption has become a major highlight: catering revenue increased by 20.4% year-on-year; The national online retail sales increased by 11%; The per capita service consumption expenditure of residents increased by 14.4%, accounting for 45.2% of the per capita consumption expenditure of residents... With the comprehensive restoration of normal economic and social operation, consumption has become the driving force of economic growth again. Data shows that in 2023, the contribution rate of final consumption expenditure to economic growth reached 82.5%, an increase of 43.1 percentage points from the previous year. Kang Yi said that overall, China is still in a critical period of economic recovery and transformation and upgrading. At present, there are many favorable conditions that support the sustained rebound of consumption, such as the clear advantage of the super large-scale market, the continuous heating up of consumption hotspots such as entertainment and tourism, sports events, and the promotion of urban-rural integration and urbanization, all of which provide broad space for consumption growth. "We are full of expectations and confidence in the recovery of the consumption market this year.". Fixed assets investment grew by 3% year on year: the investment in high-tech industries grew well. In 2023, the national fixed assets investment (excluding farmers) was 5030.36 billion yuan, an increase of 3% over the previous year; Excluding the impact of price factors, it increased by 6.4%. Looking at different sectors, infrastructure investment increased by 5.9% and manufacturing investment increased by 6.5%
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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