Economic Recovery Gained Momentum in 2023

In 2023, China's economy witnessed a significant recovery, with its gross domestic product growing by 5.2% year on year to 126.06 trillion yuan, as per data released by the National Bureau of Statistics on January 17, 2024.

Grain output

The total grain output in 2023 reached 695.41 million tonnes, marking an increase of 8.88 million tonnes compared to 2022, or a rise of 1.3%.

Industrial production

The total value added by industrial enterprises above the designated size increased by 4.6% compared to 2022.

Investment in fixed assets

Investment in fixed assets (excluding rural households) in 2023 reached about 50.3 trillion yuan, showing a 3% increase over the previous year, or a 6.4% increase after adjusting for price factors.

Service sector

The added value of the service industry went up by 5.8% over the year 2022.

Market sales

Total retail sales of consumer goods in 2023 amounted to approximately 47.15 trillion yuan, reflecting a 7.2% increase over 2022.

Imports and exports of goods

The total value of goods imports and exports in 2023 stood at about 41.76 trillion yuan, marking a 0.2% increase over the previous year.

Consumer price

The Consumer Price Index rose by 0.2% in 2023 compared to 2022.

Surveyed unemployment rate

The surveyed urban unemployment rate averaged 5.2% in 2023, which was 0.4 percentage points lower than that of 2022.