- The Chinese economy grew by 2.3% in 2022, which is slower than the growth rate of 8.1% in 2021. However, the economy started to recover in the first quarter of 2023 with a growth rate of 2.2%.
- The growth rate of industrial enterprises above designated size slowed down significantly in March 2023 with a month-on-month growth rate of only 0.12%, compared to 0.48% in February 2023. Similarly, investment in fixed assets (excluding rural households) declined by 0.25% in March 2023.
- The retail sales of consumer goods increased by 0.15% in March 2023 compared to the previous month, driven mainly by online retail sales, which have been growing steadily.
- The report highlights that the coverage of the data used for estimating year-on-year growth rates of various indicators is consistent with the current period and different from the coverage of data published last year. This is because some enterprises are included in the survey while some are removed, and new enterprises may also cause an impact.
Overall, while the Chinese economy experienced a slowdown in 2022, the first quarter of 2023 shows signs of recovery. However, the growth rate of certain indicators, such as industrial enterprises and investment in fixed assets, has slowed down, while online retail sales continue to grow steadily.
http://www.stats.gov.cn/english/PressRelease/202304/t20230418_1938715.html