China's Economic Recovery Slower Than Expected in 2023

Long-term challenges persist as analysts predict slowdown in 2024.

China's economy, the world's second largest, did not experience the robust recovery hoped for in 2023 after emerging from COVID-19 lockdowns.
The country faces long-term challenges including a falling birthrate, an aging population, and rivalry with the U.S. over technology, Taiwan, and control of the high seas.
Despite a short-lived economic rebound, China's economy is slowing as property developers default on debts amid a crackdown on excessive borrowing.
Relations with the U.S. improved in the fall of 2023, but fundamental differences over technology and territorial disputes remain.
Analysts predict that the Chinese government will achieve its 5% growth target for 2023, but expect a slowdown in 2024.