BRICS: China’s Economy Grew 5% in 2023

Joshua Ramos
china flags
Source: Watcher Guru

Continuing what was an undoubtedly positive year for the BRICS alliance, China’s economy has grown by 5% in 2023. Indeed, Bloomberg reports that Chinese Premiere Li Qiang announced that the economic growth was officially estimated at 5.2%. Additionally, that figure exceeds the initial projections at the start of the year.

The economic expansion was part of a host of growth drivers in different areas for the economic alliance. Moreover, its economic increase is set to be a crucial part of the BRICS alliance’s growth trajectory in the coming years. Subsequently, Li Qiang noted that increased development of China’s business environment was set to be a focus for 2024.

BRICS China Xi Jinping

Also Read: BRICS: China Buys a Staggering 225 Tonnes of Gold Worth $13.2 Billion

China Sees Economy Grow 5% in 2023, as It Exceeds Projections

Throughout last year, the BRICS economic alliance saw its most impressive year to date. The bloc enacted its first expansion effort in its history. Subsequently, it saw its de-dollarization initiatives take quite large steps forward. However, it appears as though individual countries within the bloc saw an impressive year as well.

Specifically, BRICS Member China has seen its economy grow by 5% in 2023, according to Chinese Premiere Li Qiang. Moreover, he stated that the overall long-term growth projections for the country have remained. Subsequently, he identified some key areas that the country is seeking to continue growing in 2024.

putin xi modi russia india china brics
Source: Flickr

Also Read: BRICS: What Countries Could be Included in Next Expansion?

“The overall long-term growth trend will not change. It will provide a continuous strong impetus for economic development around the world,” Li Qiang stated. Additionally, he pointed to areas like green transitions and urbanization as drivers for overall economic prosperity.

For the BRICS bloc, China’s economic health is of the utmost importance. The country has continued to be the largest economy in the bloc by far. Moreover, its standing globally is the largest asset to help the bloc compete for its multipolar goals.

Conversely, the BRICS expansion should allow more avenues for China’s continued economic flourishment through unilateral trade dealings. Especially ones that are likely to be settled in the country’s yuan. Which will hopefully help to strengthen the currency overall, on an international level.