China Meets 2023 Growth Target, Says Premier Li

Premier Li declares that China has successfully met its growth target for 2023

China has reached its 2023 growth target, according to Premier Li's latest announcement. This accomplishment is evidence of the Chinese government's strategic planning and the tenacity of the Chinese economy. China's GDP growth is still strong despite global problems, demonstrating the country's stability and strength of economy. Premier Li Qiang said that China's GDP grew by 5.2% in 2023, beyond the government's stated target of 5% growth. Li said as much on Tuesday at the World Economic Forum in Davos, Switzerland, during his talk about China's economic and social development.  Li says China's economic recovery in 2023 was achieved without the need for "massive stimulus" or pursuing profits in the near term at the price of risks in the long run.

The successful containment of the COVID-19 epidemic, the steady recovery of both domestic and foreign demand, the acceleration of innovation and digital transformation, and the enhancement of people's lives and social stability were the factors he cited for the economic performance.

The pandemic's reappearance, inflationary pressures, geopolitical conflicts, and environmental concerns are just a few of the difficulties and uncertainties Premier Li outlined for the world economy. To solve shared issues and advance sustainable development, he urged greater international collaboration and communication.

Li listed China's 2024 goals and policies, which consists of the following: 

Preserving a flexible and focused macroeconomic policy together with a steady and moderate rate of economic development that emphasizes efficiency and quality.

Strengthening supply-side structural changes, putting a focus on market liberalization, innovation, industrial upgrading, and green growth.

Improving the social security system and income distribution as well as increasing domestic demand, particularly spending.

Strengthening international collaboration in the areas of public health, trade, investment, climate change, and the digital economy; maintaining the multilateral trading and global governance frameworks.

Promoting the prosperity of all people and protecting the fundamental rights and needs of vulnerable populations, including the impoverished, the aged, and those with disabilities.

Li stated that China would persist in following a high-quality growth path that prioritizes innovation, people, reform, and the environment. China, he said, is ready to share its development chances and accomplishments with the rest of the world and to support global economic growth and recovery.