China’s jobless rate increased to 5.1% in December from November's 5.0%, reports Reuters, citing the National Bureau of Statistics. At the same time, China's economy grew 5.2% in the fourth quarter from a year earlier, official data showed on Wednesday, missing analysts' expectations slightly but still ensuring Beijing met its annual 2023 growth target despite a shaky start to the year. Analysts polled by Reuters had forecast fourth-quarter GDP would expand 5.3% from a year earlier, quickening from the third quarter's 4.9% pace.

China’s economy struggled to mount a strong and sustainable post-Covid pandemic bounce, burdened by a protracted property crisis, weak consumer and business confidence, mounting local government debts, and slower global growth.

For the full-year 2023, the economy grew 5.2%, data from the National Bureau of Statistics data showed, partly helped by the previous year's low-base effect which was marked by Covid-19 lockdowns. Analysts had forecast 5.2% growth. Recent data suggested the economy was starting 2024 on shaky footing, with persistent deflationary pressures and a slight pick-up in exports unlikely to kindle a quick turnaround in lacklustre factory activity. December bank lending was also weak.

Further data from the government also showed that the urban unemployment rate on average in China stood at 5.2% in 2023, down 0.4% from 2022.