China's GDP exceeded $17 trillion in 2023

By Alimat Aliyeva

China's gross domestic product (GDP) grew by 5.2% in 2023, amounting to $17.71 trillion, Azernews reports, citing the State Statistical Office (GSO) of China.

China's GDP reached 126.06 trillion yuan (about $17.71 trillion) in 2023.

Kang Yi, Director of the State Statistical Office of China, said during a briefing that despite external pressure and internal difficulties, China has achieved the goals set for 2023 and recorded a revival and improvement in the economy.

Commenting on the socio-economic situation in China, he noted that "the current external conditions remain difficult and harsh, domestic solvent demand is insufficient, there is an excess of capacity in some industries, social expectations are weak, and risks and hidden dangers remain high, therefore, a number of difficulties and problems have yet to be overcome in order to push the Chinese economy further rise."

In 2023, the value added in China's industry increased by 4.6% year-on-year. The growth of investments in fixed assets was recorded at the level of 3%, and the volume of retail trade increased by 7.2% year-on-year. At the same time, the total volume of retail trade in consumer goods in 2023 reached 47.15 trillion yuan (about $6.63 trillion).

The average unemployment rate last year was 5.2%. In 2023, the total number of migrant workers from rural areas increased by 1.91 million, amounting to 297.53 million people. Their average monthly income increased by 3.6% to 4,780 yuan (about $672).