This year has been a strong one for online retail giant Amazon, whose shares are up an impressive 75%. But a repeat performance may be unlikely next year, especially as concerns about the economy haven't exactly disappeared. One market that has been hot of late is China, and there are two Chinese retail stocks that may outperform Amazon next year: PDD Holdings (PDD 2.80%) and JD.com (JD 6.12%)

Plus, the Chinese economy could be looking up. According to estimates from the Federal Reserve Bank of Atlanta, the U.S. economy is growing at a rate of 2.1% rate. Concerns of a recession next year suggest a slowdown in the months ahead. China's economy could see a slowdown as well, but the International Monetary Fund projects that its gross domestic product may still grow at a 4.6% rate next year.

Here's a closer look at these two businesses and why they may be worth investing in right now.

1. PDD Holdings

PDD Holdings owns some promising e-commerce assets that make it an attractive option for investors who are looking for a solid growth stock to own for 2024. It owns one of the most popular e-commerce marketplaces in the country, Pinduoduo.

It also owns Temu, which earlier this year became the most downloaded app in the U.S. Temu has grown in popularity due to social media and its incredibly low-priced items. And unlike many similar e-commerce platforms, it accepts returns within 90 days.

On Tuesday, the company reported its latest earnings numbers. Revenue of $9.4 billion for the period ended Sept. 30 was up an impressive 94% year over year. The company achieved such strong numbers while also seeing its net income soar by 47% to $2.2 billion.

PDD is showing the big advantage it has over other retailers as it has been effective in luring shoppers to buy its low-priced items while not having to compromise earnings growth to do so. It's an impressive accomplishment. And with shoppers becoming increasingly price-sensitive amid inflation and a possible recession in the U.S. next year, that can lead to even better growth numbers for PDD next year.

Although PDD has not been a bad stock to own this year, with its shares up over 40% heading into the release of earnings this week, it can build on those strong results next year as it may be in a better position than Amazon to continue delivering strong growth. And with the stock trading at less than 20 times its estimated future earnings, investors are getting some good value with the stock.

2. JD.com

Another top Chinese e-commerce company is JD.com. Consumers can find a variety of goods on its website, including food, apparel, electronics, cosmetics, and other areas. The company says its vast fulfillment network reaches 99% of the Chinese population, and it offers same-day and next-day delivery options. In this sense, it's more of a direct comparison to Amazon than PDD, as it operates through a direct sales model where it controls the inventory and delivery of products.

JD.com posted its latest numbers recently, and revenue for the period ended Sept. 30 totaled $34 billion, up 1.7% year over year. Operating income of just under $1.3 billion also rose by 6.6%, while net income rose by 38% as the company benefited from an increase in other income (e.g., gains and losses on investments).

While JD.com's business isn't nearly as fast-growing as PDD Holdings, it's still a top online retailer in China. It also has a diverse business that features its retail segment, logistics, Dada (an on-demand delivery platform), and other smaller businesses it houses under its "new businesses" segment. However, it's the company's retail and logistics segments that account for nearly the entire top line.

Although JD.com's growth rate hasn't been all that strong of late, and it has been declining over the years, this is another stock that offers some good value for investors, given its wide reach into the Chinese market. The stock has taken a beating in 2023, falling by 50% year to date. It hasn't been a great growth stock, as is evident from its underwhelming growth rate; geopolitical tensions involving China and the U.S. certainly haven't helped things. But with the stock trading at only 13 times its trailing earnings and less than nine times its estimated future profits, investors can get some good value here.

JD.com is bigger and more diversified than PDD Holdings. While it hasn't been generating the exciting growth numbers that PDD has been posting, it still stands to benefit from a growing Chinese economy. And if there's a slowdown in the U.S. economy next year and investors look for better-valued growth stocks than, say, Amazon, for example, both JD.com and PDD Holdings could become much more attractive buys, which is why they could outperform the tech giant in 2024.