The economic development of China is set to witness more favorable conditions than unfavorable ones, while the underlying trend of economic rebound and long-term growth remains unchanged, a national political adviser said.
China has room to pursue a more proactive fiscal policy and an expansionary monetary policy, thereby boosting economic recovery and helping achieve the targeted economic growth of around 5 percent this year, experts said on 5th of March.
Export volume increased 12.5 percent year-on-year, ranking first among all cities on the Chinese mainland for the 31st consecutive year, while total imports and exports exceeded 3.87 trillion yuan, up 5.9 percent.
Amid gloomy forecasts for the global economy in 2024, news of China’s 5.2 percent GDP growth in 2023 was a shot in the arm for a world still beset with regional conflicts, lackluster economic recovery, and mounting geopolitical tension.
The added value of the secondary industry increased by 1.9 percent from a year earlier while that of the tertiary industry up by 6 percent on a yearly basis, according to the official data.