Data released by the National Bureau of Statistics on the 17th: according to preliminary accounting, China's gross domestic product (GDP) for the full year 2023 was 126,058.2 billion yuan, an increase of 5.2% over the previous year at constant prices. By quarter, GDP grew 4.5% year on year in the first quarter, 6.3% in the second quarter, 4.9% in the third quarter, and 5.2% in the fourth quarter, showing a trend of low at the start, high in the middle, and stable at the end, with the upward trend further consolidated. At comparable prices, China's economic increment in 2023 exceeded 6 trillion yuan, equivalent to the annual economic aggregate of a medium-sized country.

　　In 2023, in the face of a complex and severe international environment and the arduous and heavy tasks of domestic reform, development and stability, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, all regions and departments adhered to the general principle of pursuing progress while ensuring stability, fully, accurately and comprehensively implemented the new development philosophy, and the national economy rebounded and improved, high-quality development was solidly advanced, and the main expected targets were successfully achieved.

　　Regarding China's economic performance in 2023, Kang Yi, Director of the National Bureau of Statistics, summarized it from four aspects:

　　Rebounding and improving. In terms of economic growth, China's GDP in 2023 exceeded 126 trillion yuan, with the growth rate 2.2 percentage points faster than in 2022. In terms of employment, the employment situation improved overall, with the average surveyed urban unemployment rate for the year down 0.4 percentage points from the previous year, and in particular the employment situation of migrant workers improved noticeably. In terms of prices, prices generally maintained a moderate rise, with the full-year consumer price index (CPI) up 0.2% and core CPI up 0.7%. In terms of the international balance of payments, goods exports for the year grew 0.6%, and foreign exchange reserves at year-end exceeded 3.2 trillion US dollars.

　　Solid in quality. The innovation-driven development strategy was deeply implemented, and investment in innovation increased steadily. According to preliminary estimates, China's全社会 research and experimental development (R&D) funding reached 3,327.82 billion yuan in 2023, with R&D funding intensity reaching 2.64%, up 0.08 percentage points from the previous year. The economic structure was optimized and upgraded, and the role of the service sector and consumption as the main engines of economic growth became more prominent. In 2023, the value added of the service sector accounted for 54.6% of GDP, up 1.2 percentage points from the previous year; the contribution of final consumption expenditure to economic growth reached 82.5%, up 43.1 percentage points from the previous year. The foundation for safe development was further consolidated and strengthened, with full-year grain output up 1.3% from the previous year, raw coal output of industrial enterprises above designated size up 2.9%, crude oil output up 2%, and natural gas output up 5.8%. The bottom line of preventing systemic risks was held, economic and financial security was ensured, and livelihood security was more effective, with nationwide per capita disposable income up 6.1% in real terms from the previous year.

　　Brilliant in performance. In 2023, China's economic growth rate of 5.2% was higher than the projected global growth rate of around 3%, ranking among the top of the world's major economies. China's contribution to world economic growth in 2023 is expected to exceed 30%, making it the largest engine of world economic growth. Against the backdrop of an expected decline in global trade, China's exports achieved slight growth, and its share of the global market remained stable.

　　Extremely hard-won. In 2023, the world economy was sluggish, the international landscape evolved in a complex way, geopolitical conflicts occurred frequently, and the complexity, severity and uncertainty of the external environment increased. Domestically, there were relatively many cyclical and structural problems, and natural disasters occurred frequently. "Under such complex circumstances, achieving such development results is all the more commendable," Kang Yi said. Looking ahead to 2024, promoting further economic recovery and improvement still requires overcoming some difficulties and challenges. "We must follow the decisions and arrangements of the Central Economic Work Conference, effectively respond to these difficulties and solve these problems, and continuously promote the steady and long-term development of the Chinese economy."