China’s economy hit target with 5.2% growth in 2023, Premier Li Qiang tells Davos forum

‘China’s economy rebounded and moved upwards’ last year to outperform target of around 5 per cent, Li tells World Economic Forum

The premier, the most senior Chinese official to address Davos since President Xi Jinping in 2017, makes a similar pitch on multilateralism

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Chinese Premier Li Qiang addresses the World Economic Forum in Davos, Switzerland, on Tuesday. Photo: Bloomberg

Published: 7:21pm, 16 Jan 2024Updated: 5:34pm, 10 Apr 2024

China’s economy grew at an estimated 5.2 per cent in 2023, Premier Li Qiang told the World Economic Forum in Davos on Tuesday, as he reiterated the country’s commitment to creating “favourable conditions” for foreign business.

“Last year, China’s economy rebounded and moved upwards, with estimated growth of around 5.2 per cent, which is higher than the target of around 5 per cent that we set at the beginning of last year,” Li said.

In a keynote speech to the gathering of world leaders, companies and top economic experts, Li talked up the health of the Chinese economy and gave a defence of globalisation.

Speaking in the resort town set in the Swiss Alps, Li compared China’s economy to an “undulating mountain range with magnificent peaks”.

“My European friends taught me that to fully appreciate the majestic beauty of the Alps, one has to zoom out and look from afar.

“As I see it, it is the same way for the Chinese economy, one has to broaden the vision and take a panoramic view to see the whole picture in an objective and comprehensive manner.”