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Bund Summiteers are upbeat on outlook for Chinese economy in 2023 2022-12-13
Bund Summiteers Are Upbeat on Outlook for Chinese Economy in 2023
Experts have voiced broadly optimistic views about the Chinese economy next year. During the fourth Bund Summit, which concluded in Shanghai on Sunday, they discussed economic development in China and the world in an evolving global context.
Tu Guangshao, head of the Shanghai Finance Institute, said there are bright prospects for China's economic growth next year, especially in terms of recovery.
“The adjustment of Covid-19 prevention and control policies will have a positive impact on the recovery of economic growth, as well as on consumption and the operation of businesses, especially small- and mid-sized enterprises,” he noted.
The economy should be able to enter a high-quality and relatively fast development stage, the SFI's deputy head Liu Xiaochun told the three-day summit. The green economy and new infrastructure will be the new drivers of development, he added.
China's gross domestic product is forecast to grow at about 5.8 percent next year, a relatively fast rate globally, according to Yang Jun, vice president of Standard Chartered Bank China.
Next year, China may be the world's only major economy to grow faster than in 2022, he suggested, pointing out that GDP growth will mostly come from the recovery of domestic demand, infrastructure investment, and real estate.
Many companies will increase short- and long-term borrowing next year amid demand-side recovery, with developers set to solve liquidity issues with new government policies, according to Wang Dan, chief economist at Hang Seng Bank China. In 2023, the economy is most likely to be better than 2022 in every regard, he said.
Wang also said that relevant policies welcoming overseas capital into China can be expected to be liberalized to a large extent. Foreign investment in the manufacturing and service industries will play a significant role in driving the economic recovery.
Source: Yicai
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