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China's 2023 Economic Growth Surpassed Official Target

China's GDP growth for 2023 was recorded at 5.2% year-over-year, marginally below the projected consensus of 5.3% but surpassing the official target of 5% for the year.

This figure indicates notable economic resilience. Recent data from retail sales and industrial production suggest a gradually improving macroeconomic landscape, despite persistent challenges in the property sector and deflationary pressures.

Our Take: It's probable that the official figures somewhat overestimate the economic growth, especially considering the significant deflationary forces and the ongoing issues in the real estate sector. Given the current adjustments in the global supply chain, it's imperative for policymakers to engage in expansive fiscal strategies to bolster domestic growth. We anticipate the announcement of additional measures, building upon the planned special sovereign bond issuance of USD 139 billion, in preparation for the National People's Congress in March.


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