2023 GDP; Markets; Population decline; Taiwan; PRC-Philippines
Summary of today’s Essential Eight:
2023 official GDP growth ahead of target - Li Qiang got the 2023 GDP print right! It was 5.2% growth, according to the National Bureau of Statistics (NBS). The markets were not impressed with the data, and as expected there are more calls for more stimulus. In a commentary Xinhua focused on the bright side- “Looking back at this year, the Chinese economy rebounded positively, with supply and demand steadily improving. There was rapid growth in new industries, and grain production reached a new high. Specifically, the Gross Domestic Product (GDP) grew by 5.2% year-on-year, and the total retail sales of consumer goods increased by 7.2% compared to the previous year. The transformation and upgrading of the economy were actively promoted, employment and prices remained generally stable, and the livelihood of the people was effectively safeguarded. High-quality development was solidly advanced, achieving the main expected targets satisfactorily”. The comm…