China's economy expanded 5.2% last year, hitting the government's target despite an uneven recovery

HONG KONG (AP) — China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven.

Official data released Wednesday showed that the Chinese economy grew 5.2% for 2023, surpassing the target of ‘about 5%’ that the government had set.

The growth for 2023 is likely helped by 2022’s GDP of just 3% as China’s economy slowed due to COVID-19 and nationwide lockdowns during the pandemic.

For the fourth quarter, China’s gross domestic product also grew at 5.2% compared to the same time last year. On a quarterly basis, the economy rose 1% in Q4, slowing from the expansion of 1.3% in the July-September quarter.

Officials from China’s National Bureau of Statistics said that measures including “strengthened macro regulation, and redoubled efforts to expand domestic demand, optimize structure, boost confidence and prevent and defuse risks” had helped improve the momentum of recovery, supply and demand.

Industrial output, which measures activity in the manufacturing, mining and utilities sectors, rose 4.6% in 2023 compared to a year earlier, while retail sales of consumer goods grew 7.2%.

Fixed-asset investment — spending on factory equipment, construction and other infrastructure projects to drive growth — grew 3% year on year in 2023.

China on Wednesday also resumed releasing official data on its youth unemployment rate after a six-month suspension. Under a new methodology which excludes students from the jobless rate, unemployment for those aged between 16 and 24 stood at 14.9%, an improvement from the record-high youth jobless rate of 21.3% in June using the previous methodology.

Officials said that the new methodology's...