China’s economy expanded 5.2 per cent last year, hitting target of ‘about 5 per cent’ even though recovery is uneven

News Snapshot:

China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5 per cent annual growth for 2023 even though trade data and the economic recovery remain uneven. Official data released Wednesday showed that the Chinese economy grew 5.2 per cent for 2023, surpassing the target of ‘about 5 per cent’ that the government had set. The growth for 2023 is likely helped by 2022′s GDP of just 3 per cent as China’s economy slowed due to COVID-19 and countrywide lockdowns during the pandemic. For the fourth quarter, China’s gross...