China's economy is expected to grow by 5.2% in 2023, indirectly surpassing the target set at the beginning of last year, said Chinese Premier Li Qiang in a speech at the World Economic Forum in Davos, Switzerland.
Li said that China's economy is making progress at the same time, adding that it will continue to provide a "strong driving force" for global growth.
The latest data shows that China is having trouble getting momemtum after strict Covid-19 restrictions. Despite an increase in exports in December, the world's second-largest economy continues to face deflationary pressures, weak consumer spending, and an ongoing real estate sector crisis, forcing some analysts to call on policymakers to issue more support measures.
However, Li argued that Beijing has promoted economic development in China without the need to introduce "massive stimulus." "We are not looking for short-term growth while accumulating long-term risks," he said.
China's official GDP data for 2023 is expected to be announced on Wednesday. A poll of economists conducted by Reuters found that growth likely grew by 5.2% last year.
China's GDP is expected to slow to 4.6% this year, before slowing further to 4.5% in 2025, according to a Reuters survey.
