China's GDP Grows by 5.2% in 2023, Reflecting Resilient Economic Performance

January 17, 2024

China’s GDP Grows by 5.2% in 2023, Reflecting Resilient Economic Performance

China’s National Bureau of Statistics has announced that the country’s gross domestic product (GDP) for the year 2023 reached 12.6 trillion yuan ($1.9 trillion), representing a growth rate of 5.2% compared to the previous year.

The GDP growth was driven by contributions from the three major sectors. The value added by the primary industry increased by 4.1% to reach 8.98 trillion yuan ($1.4 trillion), while the secondary industry saw a growth of 4.7% with a value added of 48.26 trillion yuan ($7.4 trillion). The tertiary industry, which includes services, experienced the highest growth rate of 5.8%, with a value added of 68.82 trillion yuan ($10.5 trillion).

The achievement of China’s economic targets in 2023 reflects the country’s commitment to sustainable and high-quality development. Despite facing global uncertainties, China’s economy has demonstrated resilience and adaptability, solidifying its position as one of the world’s leading economies.


Chinese Premier Li Qiang Meets with European Commission President von der Leyen

On January 16, Chinese Premier Li Qiang met with European Commission President Ursula von der Leyen during the World Economic Forum’s Annual Meeting 2024 in Davos. Premier Li emphasized the stability maintained in Sino-European relations amid a complex global landscape, attributing the steadiness to joint efforts. President Xi Jinping has highlighted the strategic and global impact of China-EU relations, and China consistently prioritizes deepening ties with Europe as a key diplomatic direction.

Premier Li expressed China’s willingness to import more marketable EU products and expressed hope that the EU would relax restrictions on high-tech exports to China. He called for balanced development in Sino-EU trade and reiterated China’s commitment to creating a first-class business environment marked by marketization, the rule of law, and internationalization. The Premier also urged the EU to adhere to the basic principles of a market economy, such as free trade, fair competition, and open cooperation, and to treat Chinese enterprises fairly and transparently in trade issues.

President von der Leyen acknowledged the EU’s appreciation for China’s continuous opening-up and expressed the bloc’s desire not to decouple from China. The EU is keen to enhance dialogue and deepen cooperation with China in areas such as climate change and World Trade Organization reforms, as well as to increase cultural exchanges to further develop EU-China relations.


China’s Tianmu-1 Satellite Constellation Completes Phase Network Construction

On January 16, the Tianmu-1 satellite constellation has successfully completed the phase network construction. According to China Aerospace Science and Industry Corporation Limited (CASIC), the state-owned company responsible for the development of the Tianmu-1 satellite constellation, the sun-synchronous orbit constellation for meteorological purposes has been built and is now operational. The constellation consists of a total of 23 operational satellites, including four newly launched satellites on January 5th, which have joined the constellation in performing their designated tasks.

The Tianmu-1 satellite constellation is China’s first commercial remote sensing constellation compatible with the BeiDou, GPS, GLONASS, and Galileo navigation systems. It integrates GNSS-R (Global Navigation Satellite System-Reflectometry), occultation sounding, and ionospheric sounding to achieve all-weather, all-time integrated detection. The constellation enables real-time acquisition of environmental elements such as sea surface wind fields, sea ice, soil moisture, as well as atmospheric temperature, humidity, pressure, and ionospheric electron density profiles.

The successful completion of the Tianmu-1 satellite constellation’s phase network construction marks a significant achievement for China’s space industry. The compatibility with the four major navigation systems strengthens China’s position in the global satellite industry and paves the way for new applications and advancements in satellite-based services.

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