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BEIJING. — While the global growth outlook is clouded by uncertainty in 2023, economists and experts are upbeat about the prospects for China, expecting stronger policy support and domestic demand to buoy a steady recovery of the world’s second largest economy.
Though China’s optimised epidemic response may disrupt economic activity in the short term, it is set to shore up growth for the year as a whole, said Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs.
Han believes the recovery will pick up pace in the first half of this year, especially in the second quarter, when more factories crank up production and businesses reopen.
Wen Bin, chief economist with China Minsheng Bank, said that warming demand at home will propel the turnaround in the Chinese economy this year, and estimates the country’s full-year GDP growth at around 5.5 percent. China’s economy will follow a generally upward growth trajectory in 2023, despite potential quarter-to-quarter fluctuations, said Huang Wentao, an analyst with China Securities. Huang expects the year’s growth rate to be at 5.1 percent. — Xinhua
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