(Yicai) Jan. 17 -- China’s economy expanded 5.2 percent in 2023 from the year before, meeting the annual growth target of around 5 percent set at the beginning of the year, thanks to a slew of supportive measures and the low baseline in 2022, according to data released by the National Bureau of Statistics.

China’s gross domestic product rose 4.5 percent in the first quarter, 6.3 percent in the second quarter, 4.9 percent in the third quarter and 5.2 percent in the fourth quarter, according to the NBS’ economic performance report for 2023.

The country’s key economic gauges all achieved their growth goals for 2023, Kang Yi, director of the National Bureau of Statistics, said at the macroeconomic data conference held today. However, economic development still faces challenges due to uncertainties in the external environment.

The smooth operation of China’s economy in the previous quarter was mainly due to a number of economic stimulus policies taking effect, the growth spurt brought by industrial upgrading as well as rising employment and income levels that help boost personal consumption, said Wen Bin, chief economist at China Minsheng Bank. The low baseline due to a flare-up of Covid-19 the same time last year is also behind the rebound in growth.

This year, the economy will face three main challenges, namely external shocks, the deleveraging of the private sector and the transformation of the developmental stage, said Tang Duoduo, director of the macroeconomics research department of the Institute of Economics at the Chinese Academy of Social Sciences.

The country's GDP growth rate will remain around 5 percent in 2024, and consumer and asset prices are expected to increase moderately, Tang said.

Editor: Kim Taylor