2023 Chinese Economic Outlook: Gross Domestic Product Up By 4.5% In First Quarter

During the regular press conference of April 19, 2023, Chinese Foreign Ministry Spokesman, Wang Wen, disclosed that his country’s Gross Domestic Product, GDP, grew by 4.5 per cent in the first quarter of 2023, 1.6 percentage points higher than the previous quarter. Responding to a question from a CCTV reporter, Wen said amid slowing world economic growth and significant external uncertainties, China’s economy made a good start this year, citing data released by the National Bureau of Statistics of China on April 18, 20023.

Targetted GDP Growth Of 5 Per cent
Meanwhile, China has set a GDP growth target of around 5 per cent for this year. Local governments around the country are gearing up support for the economy, including optimizing the business environment, stabilizing employment and promoting consumption.

Economic Resilience, Vibrancy 
“Market confidence picked up significantly, consumption and investment bounced back stronger, and employment and prices remained stable overall. This speaks to the remarkable resilience, potential and vitality of the Chinese economy as well as the sound fundamentals sustaining long-term economic growth, and shows the vibrancy of China’s economy in its spring,” Wen affirmed.

IMF On Chinese Economic Outlook 
Also in the first quarter of 2023, China’s trade with ASEAN, African, and Latin American countries grew by 16.1per cent, 14.1 per cent and 11.7per cent year-on-year respectively. While trade with countries along the Belt and Road and RCEP members increased by 16.8 per cent and 7.3 per cent respectively. Meanwhile, the International Monetary Fund’s IMF’s latest World Economic Outlook estimates that the Chinese economy will contribute more than a third of global growth this year.

China Is Still Committed
Wang Wen recalled that Chinese President Xi Jinping is committed to reform and opening-up and will never close our door to the world. “We are ready to work together with all countries that wish to pursue win-win cooperation with us for global prosperity and common progress. China will continue to advance high-quality development, expand high-level opening-up, share the progress of Chinese modernization with the rest of the world, and inject fresh impetus into the world economy,” Wen said. 

Exports Up By 10 Per cent In 2022
Similarly, Xinhua news agency reported that China's total imports and exports expanded by 5.8 per cent year on year to 13.32 Trillion Yuan in the first four months of 2023. Exports grew by 10.6 per cent year on year, while imports rose 0.02 per cent in the first four months. In U.S. dollar te...