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China sees one of its worst years of growth since 1990 as recovery stalls

China sees one of its worst years of growth since 1990 as recovery stalls

23 Sept 01:22 Key points summarised by AI
  • China's economy expanded by 5.2% in 2023, marking one of its slowest growth rates in over three decades, excluding pandemic years, despite meeting Beijing's target.
  • The recovery was severely hindered by a crippling property crisis, sluggish domestic consumption, and a significant decline in exports for the first time since 2016.
  • Persistent challenges include high youth unemployment and an accelerating population decline, intensifying pressure on officials to implement further stimulus measures.
  • Despite economic headwinds, Premier Li Qiang reaffirmed China's commitment to opening up, presenting the market as an opportunity for international investors.
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