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MNI BRIEF: China Q4 GDP Grows 5.2%, 2023 GDP Beyond Target

MNI (Singapore)
MNI (Beijing)

The Chinese economy grew by 5.2% y/y in Q4, in line with market expectations, bringing 2023 GDP to 5.2%, which ensures Beijing will meet its annual growth target of “around 5%", data released by the National Bureau of Statistics on Wednesday showed.

Industrial production rose 6.8% y/y in December to mark the fastest expansion since June 2021 (8.3%), up from November's 6.6% and beating the 6.6% forecast.

Consumption slowed last month with retail sales decelerating to 7.4% y/y from November's 10.1% gain, also underperforming the 8.0% expectation.

Fixed-asset investment in 2023 registered a 3.0% y/y increase, rising slightly from the 2.9% growth over the Jan-Nov period and better than the 2.9% consensus. Property investment fell further by 9.6% y/y following the previous 9.4% decrease. Both infrastructure investment and manufacturing investment grew by 5.9% and 6.5%, both higher than the previous 5.8% and 6.3%.


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