HONG KONG — China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% 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% for 2023, surpassing the target of ‘about 5%’ that the government had set.
The growth for 2023 is likely helped by 2022’s GDP of just 3% as China’s economy slowed due to COVID-19 and nationwide lockdowns during the pandemic.
China is the second-biggest economy behind the U.S. and has been a key driver of global economic growth. Its economic slowdown has sparked concern of spillover effects to other economies that count China as a key trading partner, such as South Korea and Thailand.
For the fourth quarter, China’s gross domestic product also grew at 5.2% compared to the…
