NBS: China's GDP exceeded 126 trillion yuan in 2023, up 5.2% YoY, pointing to economic recovery 

In 2023, facing the complex and severe international environment and the arduous tasks of domestic reform, development and stability, under the strong leadership of President Xi Jinping at the core, all regions and departments conscientiously implemented the decisions and arrangements of the Party Central Committee and the State Council, and adhered to stability. The general tone of the work is to seek progress, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, comprehensively deepen reform and opening up, increase macro-control efforts, focus on expanding domestic demand, optimize structure, boost confidence, prevent and resolve risks. In 2023, the Chinese economy recovered, supply and demand were steadily improving, transformation and upgrading were actively promoted, employment and prices were generally stable, and main goals were successfully achieved.

According to preliminary calculations, the annual GDP was 126,058.2 billion yuan, an increase of 5.2% over the previous year at constant prices. In terms of industries, the added value of the primary industry was 8,975.5 billion yuan, an increase of 4.1% over the previous year; the added value of the secondary industry was 48,258.9 billion yuan, an increase of 4.7%; and the added value of the tertiary industry was 68,823.8 billion yuan, an increase of 5.8%. Looking at quarters, GDP increased by 4.5% year-on-year in the first quarter, 6.3% in the second quarter, 4.9% in the third quarter, and 5.2% in the fourth quarter. From a quarter-on-quarter perspective, GDP increased by 1.0% in the fourth quarter.