New economic indicators revealed by the Chinese government paint a picture of an economy that is still struggling to find its footing in the wake of the COVID-19 pandemic, even though it surpassed the modest growth target set by the central government.

According to data released on Wednesday by the National Bureau of Statistics, the Chinese economy grew by 5.2% in 2023. However, the same report reveals that the country is still suffering from persistent deflation, an ongoing crisis in its real estate market, a high youth unemployment and long-term demographic decline.