Here are five things that happened in China this week

China’s GDP hits US$17,7 trillion

China’s Gross Domestic Product (GDP) posted a growth of 5,2 percent year-on-year in 2023, higher than the annual target of around 5 percent, according to data from the National Bureau of Statistics (NBS) released on Wednesday. The country’s GDP reached a record of 126,1 trillion yuan (about US$17,7 trillion) in 2023. The growth rate for the October to December quarter was also 5,2 percent on the year, up from 4,9 percent for the previous period.

China’s shrinking population

China reported a record low birth rate in 2023 as its population shrank for the second year in a row. The country recorded 6,39 births per 1 000 people, down from 6,77 a year earlier, according to data released by China’s National Bureau of Statistics (NBS) on Wednesday. The birth rate is the lowest since the founding of Communist China in 1949. Some 9,02 million babies were born, compared with 9,56 million babies in 2022. The total population fell by about 2,08 million to 1,409 billion at the end of 2023. The fall was steeper than the 850 000 recorded in 2022.

China’s retail sales increase

China’s retail sales of consumer goods, a major indicator of the country’s consumption strength, climbed 7,2 percent year-on-year in 2023, according to the National Bureau of Statistics (NBS). Total retail sales of consumer goods reached 47,15 trillion yuan (about US$6,6 trillion) last year, hitting a record high. In December alone, the retail sales of consumer goods rose 7,4 percent year-on-year. Online retail sales jumped 11 percent year-on-year to 15,43 trillion yuan (about US$2,17 trillion) last year. Online retail sales of physical goods rose 8,4 percent year-on-year to 13,02 trillion yuan (about US$1,83 trillion), accounting for 27,6 percent of the total retail sales of consumer goods.

Chinese firms seek deals abroad

China plans to arrange overseas trips for many foreign trade companies in 2024 to help them make deals and expand their markets. The China Council for the Promotion of International Trade (CCPIT) announced that it will arrange for more than 1 000 groups of enterprises to visit foreign countries this year to participate in exhibitions, conduct market research and hold business talks. According to the CCPIT, these foreign visits will prioritise important trade and economic partners such as Europe, North America, Japan, South Korea, the Association of Southeast Asian Nations and Latin America.

 Beijing tests self-driving police cars

The office of the Beijing High-Level Autonomous Driving Demonstration Area launched a road test of unmanned police patrol cars on Tuesday, the first of its kind in China. Fifteen self-driving patrol cars, complete with flashing lights, hit the public roads in the autonomous driving demonstration area, performing round-the-clock police duties in coordination with officers from the Daxing Branch of the Beijing Municipal Public Security Bureau. The duties being tested include patrolling, ensuring security for large-scale events, public announcements, issuing warnings and emergency rescue work. The unmanned patrol cars possess Level 4 autonomous driving technology. They can complete battery replacement in 30 seconds and have a driving range of 100 km.

*Manyika Kangai has over 18 years of experience facilitating and advising on China-Africa trade and investment deals. Feedback: ‪+27743487997/ www.muvambi-sa.co.za