China’s economy expanded 5.2% in the fourth quarter from the same period last year, according to the official data from the National Bureau of Statistics on Wednesday.
Growth in the final quarter of last year was slightly lower than expectations from economists polled by Reuters at 5.3%, but still growing at a faster pace than a 4.9% expansion in the third quarter.
Notably, growth for the full-year of 2023 was at 5.2%, making it higher than the annual growth target from Beijing at 5% after missing it a year prior. Growth also matched analysts expectations as well.
China’s economy was boosted by stimulus packages from the Chinese authorities to pump its sluggish demand after coming out of Covid-10 pandemic.
Yesterday, it was reported that China is considering an issuance of 1 trillion yuan of new debt under a special sovereign bond plan to finance the efforts to boost its lackluster economy. If approved, it will be the fourth such sale in the past 26 years in history.
The plan is under intense discussion by high level policymakers. It would involve an issuance of ultra-long sovereign bonds to fund measures that support food, energy, supply chains and urbanization sectors.