The Chinese economy this year is expected to grow faster than previously forecast and exceed the government’s target of “around 5%,” according to a survey of local economists, reports Nikkei Asia. A survey of 28 economists in March revealed that, on average, they expect the Chinese economy to grow 5.4% in 2023, up from 4.7% they forecast in December. The survey was jointly conducted by Nikkei and Nikkei Quick News.
While many of the economists expect the Chinese economy to expand at a faster pace than the government target of “around 5%,” led by a consumption recovery, there are growing concerns that the world’s second-largest economy will run out of steam, partly due to a banking crisis in the West.
Barclays Chief China Economist Jian Chang is upbeat on the Chinese economy, forecasting growth of 5.6% in 2023. “We think the improving January-February activity data—led by a rise in retail sales, a smaller contraction in property investment [and] home sales, and the strong rebound in services activity—broadly confirm the rebound in domestic demand triggered by the faster-than-expected reopening,” Chang pointed out.
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