Chinese Prime Minister says GDP will grow 5.2% in 2023

The Prime Minister of China, Li Qiang, stated, this Tuesday (16.Jan.2024) that the Asian nation’s GDP grew 5.2% in 2023. Data referring to the Chinese Gross Domestic Product from last year has not yet been released. officially released by the government. They must leave at 11pm (Brasília time) today (Tuesday).

The anticipated result is greater than the 5% growth target established by the country. In 2022, the Chinese government’s target for GDP growth was 5.5%, but the index closed up 3%, the worst performance in 46 years.

Li’s statements were made during a speech at the 54th World Economic Forum, in Davos, Switzerland. The prime minister spoke in Mandarin and had his speech translated into English simultaneously. He was the highest-ranking official in the Asian nation to speak at the event since President Xi Jinping’s declaration in 2017.

Li stated that China, being the world’s 2nd largest economy, “established solid foundations”. According to the Prime Minister, “the Chinese economy can handle ups and downs in its performance”. He further said that “the general long-term growth trend [do país] will not change”.

The Prime Minister also praised the “big market” of China, in addition to the workforce “highly qualified” and the country’s global leadership in electric vehicles.

Li also spoke about technological innovations in the world. She said resources should not be used to restrict or contain the development of other countries. Instead, they should “benefit all humanity”.

“To maintain healthy competition and bring out greater vitality, the only way is to improve innovation cooperation”he stated.

The prime minister declared that the “discrimination” in industrial supply chains around the world “compromises development efficiency and triggers various risks and economic problems”.

Although he did not name any country, the comments were considered a hint at United States policy. The country restricts Chinese access to US technology.

The government has already limited American investment in Chinese technology companies that operate in the sectors of quantum computing, artificial intelligence related to military uses and semiconductors. It also banned the export of AI chips to China.

The 54th World Economic Forum, in Davos, had rebuilding trust as one of the main topics of debate.

Speaking on the subject, Li stated that the topic “echoes people’s concerns”. He also said that the trust between countries allowed “the enormous progress in economic globalization in recent decades” and that, currently, the lack of it worsens “the risks to global growth and peaceful development”.

“Rebuilding trust is essential, whether to overcome current difficulties or to create a better future. It is essential that we abandon prejudices, overcome differences and work together to resolve the lack of trust.”he stated.