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

By ZEN SOO
AP Business Writer

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 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 lockdown. China on Wednesday also resumed releasing official data on its youth unemployment rate after five months of suspension. Under the new methodology which excludes students, the youth jobless rate stood at 14.9%, down from a record 21.3% in June.