In the first quarter of 2023, China’s economic growth has decelerated to 4.8%, according to data released by the National Bureau of Statistics on Thursday. This marks a slowdown from the 6.0% growth rate in the same period last year, primarily due to weak domestic demand and the ongoing global economic uncertainties.
Despite the slowdown, the Chinese government remains confident in the country’s economic fundamentals. The country’s authorities are planning to introduce further measures to stimulate economic growth and reduce the impact of global headwinds. These measures are expected to include infrastructure investments, tax cuts, and targeted monetary policy adjustments.
In an effort to address weak domestic demand, the government has already rolled out a series of policies aimed at boosting consumption, such as tax reductions, subsidies for green and high-tech industries, and support for small and medium-sized enterprises (SMEs).
The global economic environment has also had a significant impact on China’s economy. Trade tensions, disruptions in supply chains, and the fluctuating international commodity prices have all contributed to the growth slowdown. However, Chinese authorities are committed to working with international partners to promote global trade and economic cooperation.
Despite the challenges, the 4.8% growth rate still places China among the fastest-growing major economies in the world. The Chinese government is optimistic that the combination of domestic measures and global cooperation will help the country maintain steady economic growth moving forward.