China sees GDP growth of 5.2% in 2023

By Riyaz ul Khaliq

ISTANBUL (AA) – China saw growth of 5.2% in its gross domestic product (GDP) last year, data from the country’s National Bureau of Statistics said Wednesday.

The growth is higher than the annual target of around 5% but historically lower in the context of China’s decades of growth.

According to the bureau, China’s GDP reached a record of 126.06 trillion yuan ($17.71 trillion) last year after the world’s second-largest economy posted growth of 5.2% in the last quarter of the year, state media reported.

The data came as China’s President Xi Jinping Tuesday called the country’s financial system “distinct from Western models,” stressing efforts to root out corruption.

As the economy faces a slowdown, Xi emphasized "efforts to prevent and defuse financial risks, especially systemic risks."

“A financial superpower should be based on a strong economic foundation,” Xi told a high-level meeting of the Communist Party of China’s Central Party School in Beijing.

“It must have world-leading economic, technological and comprehensive national strength,” he added.

​The president said that "a country with great financial strength should also boast a series of key core financial elements, namely, a strong currency, a strong central bank, strong financial institutions, strong international financial centers, strong financial supervision and regulation, and a strong financial talent pool."