China's economy recovered in 2023, but has not yet resumed its pre-pandemic pace | News today

He Economic and Social Development Report 2023Data released by China's National Bureau of Statistics on Thursday morning (Colombian time) showed that the Asian giant's economic recovery after the impact of the Covid-19 pandemic will take longer than expected.

According to the first estimate by the Statistics Office, gross domestic product (GDP) growth in 2023. 5.2% compared to previous year. Although this number represents higher growth than in 2022 (3%), the number for 2023 is lower compared to 2019, when the Chinese economy was growing at a rate of 6%. The pace the Chinese economy showed five years ago has slowed in 2020 with the advent of Covid-19 (the Asian giant grew 2.2% that year).

A report by the National Bureau of Statistics revealed an economy heavily dependent on trade and services, which today account for 54.6% of GDP. China's tertiary sector grew by 5.8% last year, compared to 4.7% for the secondary sector (extractive industries and manufacturing) and 4.1% for the primary sector (agriculture, mainly.

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Likewise, household spending boosted GDP growth by 4.3 percentage points, gross capital formation contributed 1.5 percentage points to GDP growth, and net exports of goods and services subtracted 0.6 percentage points. precisely,

According to the document, each citizen contributed about $161,615 yuan to the economic growth of 2023, which represents a 5.7% increase in labor productivity compared to the previous year.

China trade balance in 2023

In 2023, the Chinese economy shifted $41,756.8 million yuan (approximately US$5.8 billion) in exports and imports, registering an increase of 0.2% compared to 2022. Exports of goods from China to the world grew 0.6%; Imports fell 0.3%.

Finally, the total value of China's imports and exports to countries participating in the “Belt and Road” initiative (Colombia has refused to participate in this trade initiative, which, to date, includes more than 150 countries in Asia, Europe and Latin America. Cooperation agreements) is $19,471.9 million yuan, which will be 2022. 2.8% increase compared to

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The initiative, also known as the New Silk Road, is an infrastructure project in which China seeks to build a network by land and sea that will allow its goods to reach five continents through Europe, Africa and Asia.

According to DANE statistics, exports from Colombia to China reached US $1,567 million between January and August 2023, a growth of 12.7%.

Also, in August 2023, China was the third destination for Colombian products; Likewise, the Asian giant is the first appearance of an import to Colombia. Also, according to Analdex, China is the country's most important Asian investor.

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