From CNBC:

China’s fourth-quarter GDP growth missed estimates at 5.2%, below the 5.3% forecast. The unemployment rate for young people aged 16 to 24 is 14.9% and was temporarily suspended last summer to reassess calculation methods. Retail sales grew by 7.4% in December, missing expectations for 8% growth. Industrial production rose by 6.8%, higher than the forecast of 6.6%. Fixed asset investment increased by 3% and real estate investment dropped by 9.6% in 2023.

Online retail sales of physical goods increased by 8.4%, accounting for nearly 28% of overall retail sales. Retail sales in services surged by 20% in 2023 from the previous year. December saw a 29% surge in jewelry sales and a 26% increase in purchases of clothes and shoes, while sales of daily necessities, medicine, and construction-related materials fell. China’s population decreased by over 2 million people in 2023, with the population now at 1.41 billion.

The Statistics Bureau emphasized the need to enhance economic vitality, mitigate risks, and effectively upgrade the quality and expand the quantity of the national economy. The transition to a stronger manufacturing and service sector will take time, with a key question in the market being when the shift in the property sector will finish. Keep an eye out for further updates on this developing story.



Read more: China misses fourth-quarter GDP estimates, resumes posting youth unemployment data