Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedChina Economic Update - December 2023 2 © 2023 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org. Cover Photo: © Fengjingmooo / Shutterstock China Economic Update - December 2023 3 Acknowledgements The December 2023 issue of the China Economic Update was prepared by a team comprising Yusha Li (Task Team Leader), Kevin Chua (co-Task Team Leader), Jun Ge, Elitza Mileva, Daisuke Fukuzawa, Katherine Anne Stapleton, Sailesh Tiwari, Dewen Wang, Maria Ana Lugo, Jingyu Li, Shichao Zhou, Marius Vismantas, Samuel Christopher Hill, Veronica Montalva Talledo, Yang Huang, and Danxu Cheng. Guidance and thoughtful comments from Mara Warwick, Lalita M. Moorty, Aaditya Mattoo, Sebastian Eckardt, Zafer Mustafaoglu, Rinku Murgai, and Ergys Islamaj are gratefully acknowledged. The team would like to thank Tianshu Chen, Ying Yu, Luoyi Zhou, Xiaoting Li, Mingjie Li, and Yu Shang for support in the production and dissemination of this report. The findings, interpretations, and conclusions expressed in this report do not necessarily reflect the views of the Executive Directors of the World Bank or the Chinese government. Questions and feedback can be addressed to Tianshu Chen (tchen@worldbank.org). China Economic Update - December 2023 4 Table of Contents Executive Summary ............................................................................................................................8 I. Recent Economic Developments ............................................................................................ 12 Global activity continues to moderate ..........................................................................
