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China Expected to Meet Economic Growth Goals for 2023

China appears to be on course to meet its economic growth goal for 2023, Yahoo Finance claimed, with economic data due on Wednesday expected to show that gross domestic product rose by 5.2% for the year. This comes despite the nation’s struggles with a lingering housing crisis and deflation risks.

Despite a poor start to the year, China’s retail sales and industrial production rose in December from a year ago, when a Covid-19 outbreak disrupted factory activities. On Friday, figures showed that China’s consumer prices fell in December for a third consecutive month; the country’s longest deflation streak since 2009.

Going into 2024, analysts are expecting China’s economic recovery to slow down. “The domestic demand recovery will be slow and bumpy as targeted stimulus measures trickle through to investment sectors and the property recovery proceeds at a snail-like pace,” Duncan Wrigley, chief China economist at Pantheon Macroeconomics commented.

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