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China's Premier Li Qiang: China’s economy grew by about 5.2% in 2023

In a speech at the World Economic Forum, Premier Li Qiang said on Tuesday that China’s economy grew by about 5.2% in 2023, slightly better than the official target Beijing had set.

Key quotes

“We did not seek short-term growth while accumulating long-term risks, rather we focused on strengthening the internal drivers.”

“Just as a healthy person often has a strong immune system, the Chinese economy can handle ups and downs in its performance. The overall trend of long-term growth will not change.”

“Even if there are twists and turns in China’s economic operation, its overall long-term positive trend will not change.”

“Choosing the Chinese market is not a risk, but an opportunity. So we embrace investments across businesses of all countries with open arms.”
 

Market reaction

At the time of writing, the AUD/USD pair is trading around 0.6587, up 0.07% on the day.

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UK CPI Preview: Inflation expected to slow further in December as price pressures abate

With increased bets for an interest cut by the Bank of England (BoE) as early as April, the all-important Consumer Price Index (CPI) data from the United Kingdom (UK) will be closely scrutinized for gauging the timing of the BoE policy pivot and its impact on the Pound Sterling.
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