In 2023, the world is full of expectations for China's economy

TIME | 30 Jan 2023

Recently, many international investment institutions such as Morgan Stanley, Goldman Sachs and JPMorgan Chase have raised their forecasts of China's economic growth in 2023. Many foreign business associations in China, such as the American Chamber of Commerce of China, the British Chamber of Commerce and the German Chamber of Commerce, believe that China's adjustment of epidemic prevention policies will help restore the exchange of Chinese and foreign personnel and business travel, and restore market optimism. China will continue to become a priority destination for foreign investment. Experts believe that in 2023, with the gradual recovery of demand and the superposition of policy effects, China's economic and social vitality will be further released and will continue to become the "stabilizer" and "engine" of the world economy towards recovery.

According to a survey conducted by Reuters based on interviews with 49 economists, China's economic growth may rebound to 4.9% in 2023. Wang Tao, chief China economist of UBS, was quoted as saying that China's economic activity and consumption are expected to rebound strongly after March and April this year.

Citibank analysts were quoted by the Financial Times as predicting that China's total retail sales of consumer goods will increase by 11% to 50 trillion yuan in 2023. Investors and analysts therefore predict that "the next year will be brighter".

According to an article published by Fortune magazine, BlackRock, an internationally renowned asset management company, also released a research report, predicting that China's GDP growth may reach 6% in 2023, which will "dampen" the global economic slowdown.

The latest issue of the World Bank's China Economic Briefing believes that with the deterioration of global demand growth, the total demand structure of the Chinese economy is expected to gradually shift to domestic demand. With the improvement of consumer confidence and the release of consumer demand, China's consumption will gradually recover; Continued infrastructure investment expenditure and investor sentiment will also promote the recovery of investment growth.

China's continued promotion of high-quality economic development is also an important reason for the international community's optimistic growth prospects.