to help us break down the numbers let's go now to taipei where we can find alicia garcia, chief economist. good to see you again. we have not seen these growth numbers since early 2021. what do you make of the data? . , :: ' early 2021. what do you make of the data? . , i: ' ., , early 2021. what do you make of the data? . , :: ' , the data? early 2021 was better and that is _ the data? early 2021 was better and that is the _ the data? early 2021 was better and that is the answer - the data? early 2021 was better and that is the answer meaning i and that is the answer meaning it is rewarded in that china is growing at its stated official target but the reality is that it is very low. when 2021 ended at 8.1% and that was a similar year. a recovery from covid era policies. so the exhilaration is there and you are right, we can see from unemployment data and from depopulation and that is the way forward. of course, china will try to smooth this structured deceleration as much as possible. structured deceleration as much as possible-— as possible. those population numbers and _ as possible. t

for more on this story, i'm joined now by alicia garcia—herrero, apac chief economist at natixis.hen the 5% growth target was announced in two sessions for the first time in the helm of the first time in the helm of the chinese economy, 5% was very low. the reason was chided was moving over covid policies phot the benchmark was 2021. from 2020 the growth rate was 8.1. so 5% -- from 2020 the growth rate was 8.1. so 5% —— because china did so poorly in the first half of course five—point sounds good now because we were fearing that their target would not be reached. in that regard it's good news but we need to put him in that contact. obviously, china is facing _ him in that contact. obviously, china is facing a _ him in that contact. obviously, china is facing a slow - him in that contact. obviously, china is facing a slow death - china is facing a slow death for that what you expect the government to do to try to boost the economy going forward?— boost the economy going forward? ~ , ., , forward? well they made it very clear that 5.2% _ forward? well they made it very clear that 5

for more on this story, i'm joined now by alicia garcia—herrero, apac chief economist at natixis.m of the chinese economy, 5% was very low. the reason was chided was moving over covid policies phot the benchmark was 2021. from 2020 the growth rate was 8.1. so 5% -- from 2020 the growth rate was 8.1. so 5% —— because china did so poorly in the first half of course five—point sounds good now because we were fearing that their target would not be reached. in that regard it's good news but we need to put him in that contact.

to help us break down the numbers let's go now to taipei where we can find alicia garcia, chief economistdo you make of the data? ., , early 2021. what do you make of the data? . , :: ' early 2021. what do you make of the data? . , i: ' ., , early 2021. what do you make of the data? . , :: ' , the data? early 2021 was better and that is _ the data? early 2021 was better and that is the _ the data? early 2021 was better and that is the answer - the data? early 2021 was better and that is the answer meaning j and that is the answer meaning it is rewarded in that china is growing at its stated official target but the reality is that it is very low. when 2021 ended at 8.1% and that was a similar year. a recovery from covid era policies. so the exhilaration is there and you are right, we can see from unemployment data

alicia garcia herrero is chief economist at the investment bank natixis in hong kong.opulation is beginning to show in its growth data. population shrinkage is never good news for growth because it's just fewer people working. the reality is that china's deceleration is well above 10% up to today from 2012 to 2023. basically we are ten years over deceleration. it is not so related to demographics yet, just yet. and the reason is urbanisation. so you move people from the rural areas to the cities. the cities are still growing. that is a very productive part of china. so we need to wait to see that massive impact of the population on growth. and all the way until urbanisation is completed. and there are still some ten good years to go. after that, china's growth rate will be much, much lower, very similar to japan. maybe even i% of gdp because of the population hitting the cities this time. we need to realise that there is structural deceleration hitting in the chinese economy, every year, slowly but steadily. inflation in the uk rose in december, rising from 3.9% to 4%.