In 2023, China’s economy, which has experienced storms, has strengthened its physique and bones, and it has given off new vitality in its steady and far-reaching development.
Looking back on last year, what was the gold content of China’s economy?
Looking forward to the new year, where does China’s economic confidence come from?
We found the answer from this heavy report card — —
On January 17, 2024, the National Bureau of Statistics released the main data of national economic operation in 2023. In this year-end report card, China’s economy has made remarkable contributions to global economic growth; In the good data, there is a solid foundation for China’s economy to develop further to high quality; In the record of innovation and breakthrough, there is unlimited potential for China’s economy to achieve good results again. Since January 17th, the Financial Program Center has launched a series of reports, "From the data, it is getting better". From this report card with good quality and sufficient weight, it "counts" the confidence of China’s economy to move forward steadily in the process of high-quality development.
In 2023, China’s GDP growth rate was 5.2%, and the economy rebounded for the whole year.
Interpretation of China’s economic performance, GDP, that is, gross domestic product, is an important observation index. 5.2%, which is the most concerned GDP growth rate in the report card of China’s economic operation in 2023 released on 17th. China’s total economic output reached 126,058.2 billion yuan. In the first quarter, GDP increased by 4.5% year-on-year, 6.3% in the second quarter, 4.9% in the third quarter and 5.2% in the fourth quarter.
Director of the National Bureau of Statistics Kang Yi:It can be said that the performance of China’s economy in the past year is to hand over a report card with good quality and sufficient weight. In 2023, with the downturn of the world economy, the complex evolution of the international pattern and frequent geopolitical conflicts, the complexity, severity and uncertainty of the external environment we are facing are rising, and there are many cyclical structural contradictions in China and frequent natural disasters. Under such complicated circumstances, it is even more commendable to achieve such development achievements.
China’s contribution to global economic growth is about one third.
According to the forecast of the International Monetary Fund, the contribution rate of China’s economic growth rate of 5.2% to global economic growth will be around 30%, that is to say, China’s economy will continue to be an important engine of global stable growth.
According to the World Bank’s forecast of GDP and growth rate of major economies in 2023, China’s economic growth will be about 1.5 times that of the United States and 16.5 times that of the euro zone. From the perspective of contribution rate to world economic growth, in 2023, China will have more than America, Europe and Japan combined.
Hideki Ito, Principal Researcher of Mizuho Bank China Co., Ltd.:China’s economic growth of 5.2% is equivalent to the combined GDP of Thailand and Viet Nam. China has made great contributions to the world economy. With the expansion of exports and the growth of domestic demand, the dividend of China’s economic growth will spread to the global economy.
China, as the second largest economy in the world, has formed a good and stable fundamentals in its long-term development. Japanese Omron Health Medical Company, which entered the China market 30 years ago, has increased its sales in China by about four times in 2010. Last August, their R&D and production base expanded in Dalian with an investment of 300 million yuan was successfully completed.
Like Omron, many large Japanese companies are also increasing their investment in China. According to Japanese media reports, Matsushita Electric will invest more than 50 billion yen in China to build or expand more than 10 factories in the three years to March 2025; Todo, a Japanese bathroom brand, also plans to build a new factory in the suburbs of Dalian, with an estimated investment of tens of billions of yen, which will be put into production as soon as 2026. In addition, Daikin’s new air conditioning plant in Guangdong will also be put into operation in October this year.
In 2023, the total retail sales of social consumer goods increased by 7.2%.
In 2023, the total retail sales of social consumer goods reached 47,149.5 billion yuan, an increase of 7.2% over the previous year, reaching a record high. The contribution rate to economic growth reached 82.5%. Consumption has become the main driving force of economic growth again. One of the most striking is the rapid recovery of tourism. Whether it is Zibo, Shandong Province, which made a name for itself in the first half of the year, or Harbin, which is famous for its pet customers and powder at the end of the year, all show the strong driving force of tourism consumption in the past year.
During the New Year’s Day holiday this year, Harbin Ice and Snow World received 163,200 tourists, a year-on-year increase of 435%, a record high. The local Mattel popsicles sold 100,000 pieces in three days. Now, the "Erbin" fever is still going on, and the number of tourists on the Central Street will exceed 400,000 every day; A small fried cake stall sells nearly 8000 fried cakes every day. The consumption heat in the ice and snow season, ignited by the "Erbin pet mode", quickly spread to more places. During the New Year holiday, Heilongjiang Province received a total of 6.619 million tourists, an increase of 173.7% over last year. Southerners go skiing in the north and northerners go south to avoid the cold, which has become a new hot spot in tourism. A series of cultural and tourism parties that go from north to south and are linked in many places have further released strong tourism consumption potential.
In 2023, the per capita disposable income of national residents increased by 5.3%, of which the per capita disposable income of rural residents increased by 5.7%. Jiang Zhixiang is a photographer in Qianjiang, Hubei Province. In the past year, he recorded 60 weddings with his lens, witnessing the happy little days of the villagers and the new scene of rural consumption. This year, Jiang Zhixiang bought a house through his own efforts. He admitted that he was full of confidence in the prospects of his career when he saw the new changes in the rural landscape.
In 2023, the growth rate of electricity consumption in the whole society exceeded 6%
Electricity consumption data is a barometer of national economic operation. The reporter learned from the China Electricity Council that the growth rate of electricity consumption in the whole society in 2023 was 6.7%. Among them, the electricity consumption of business services, wholesale and retail, accommodation and catering industries has obviously recovered, with a year-on-year growth rate of over 13%. The rapid development of the electric vehicle industry has boosted the electricity consumption of the charging and replacing service industry by over 70% year-on-year.
In 2023, China’s "new three" products, such as new energy vehicles, lithium batteries and solar cells, exported a total of 1.06 trillion yuan, exceeding the trillion mark for the first time, with an increase of 29.9%.
The equipment manufacturing industry is the heavy weapon of the country and an important part of the real economy. Since 2023, a number of domestic high-end equipment have made breakthroughs in succession, and big countries have frequently "upgraded". The first large domestic cruise ship, Ada? The Modu is currently sailing in the East China Sea. This large domestic cruise ship has successfully completed three commercial voyages since it officially started commercial operation on January 1. Ada? Captain Modu said: "We have tested the limits of everything, our engine and stability. We are very, very confident. It is very stable and very powerful. This means that even in stormy weather or bad weather, the ship is still very stable. "
"Ada? The "Modu" cruise ship is currently running at a frequency of 6 to 7 voyages per month, with tickets ranging from 2,000 to 3,000 yuan to more than 10,000 yuan. All the voyage tickets before the Spring Festival have been sold out. In Ida? At the same time that the cruise ship Modu started another voyage, the design scheme of the second domestic large-scale cruise ship called "No.2" is also progressing steadily, and construction has started. The person in charge of the design told the reporter that the "No.2 Ship" with detailed design from 2021 will become Ada? The sister ship of Modu, but with longer length and larger displacement.
In 2023, China’s total annual import and export of goods was 41.76 trillion yuan.
In 2023, the total import and export volume of goods in China was 41.76 trillion yuan, an increase of 0.2% over 2022. In global trade, cross-border e-commerce has become a new force. According to the latest statistics of the General Administration of Customs, in 2023, the import and export of cross-border e-commerce in China was 2.38 trillion yuan, a year-on-year increase of 15.6%.
According to industry insiders, with the rise of new formats such as independent station, cross-border live broadcast and full custody, more and more China enterprises, especially manufacturing enterprises with innovative and iterative capabilities, are selling their products to all parts of the world through cross-border e-commerce platforms.
According to the data of Shenzhen Municipal Bureau of Commerce, the number of cross-border e-commerce export enterprises in Shenzhen has exceeded 150,000. In 2023, the import and export volume of cross-border e-commerce in Shenzhen reached 326.53 billion yuan, a year-on-year increase of 74.4%. Driven by cross-border e-commerce, the shipments of many cross-border logistics enterprises in 2023 also reached a record high.
According to the latest data from China Federation of Logistics and Purchasing, China’s logistics market will resume growth in 2023. It is estimated that the total social logistics volume will reach 350 trillion yuan in 2023, and the express delivery business volume will reach 132 billion pieces, ranking first in the world for ten consecutive years. The national railway delivered 3.91 billion tons of goods, a record high. Wu Shidan, co-founder and chief marketing officer of a logistics company in Shenzhen, Guangdong Province, said: "Our overall LCL volume in 2023 was 14,000 cabinets, with an average LCL volume of 1,200 pieces a month, which increased by 39% compared with 2022 and tripled compared with 2019. This can be said to be the highest record set by our company since its establishment 13 years ago. "
As another heavy special report since the opening of the financial program center of the general station, the series of reports "Looking back from the data" found the answer to China’s sustained economic recovery from solid data; From a real order, I saw the proof that the world is optimistic about China; On the accelerated track, it witnessed the steady and positive momentum of China’s economy.
Looking forward to 2024, China’s economy will still be full of confidence and the pace towards high-quality development will be more firm.