Economy Demographics News

China's Economy Faces Decline in 2023 Amid Population Drop

China's GDP grew by 5.2 percent in 2023, meeting the government's target, but concerns about growth momentum persist due to a property crisis, weak consumer and business confidence, and global economic slowdown. The population declined for the second consecutive year, with a record low birth rate and a surge in deaths following the lifting of zero-COVID policies. The economy faces challenges such as youth unemployment, declining property market, and geopolitical tensions, while Chinese officials are set to release the growth target for 2024 in March.