China economy to recover in 2023

China’s economy growth is expected to return around 5.5 percent in 2023, with some experts holding optimistic expectations to the country’s consumer market, the news portal 21jingji.com reported on Tuesday.

The country’s GDP will grow by 5.6 percent year-on-year in 2023 under an assumption of export slowdown, said Guo Lei, chief economist at GF Securities.

China is expected to set its GDP growth target at around 5 percent next year; considering demand recovering, as well as how the monetary, fiscal, and industrial policies will implement, the real GDP growth will reach to 5.1 percent in 2023, said Li Chao, chief economist at Zheshang Securities.

The Chinese economy has strong resilient, great potential and is full of vitality. With the COVID-19 management measures optimizing, the country’s overall economic performance is expected to pick up in 2023, with the economic growth rate expected to return a reasonable range between 5 percent to 6 percent, said Wu Chaoming, deputy director of the Chasing International Economic Institute

The country’s economy and social life will return to normal around the end of the first quarter of next year, said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International.

Under the situation of the global economic growth slowing down in 2023, China’s economy will buck the trend, with its real GDP growth expected to reach 5 percent to 6 percent, Wang added.

The country’s consumption growth is expected to improve significantly in 2023.

China’s consumer spending will grow 8 percent to 12 percent, the total retail sales of consumer goods will increase 7 percent to 11 percent in 2023, said Wu Chaoming.

China had about 16 trillion yuan ($2.3 trillion) in excess household savings between 2010 and 2022, Guo Lei said. The savings has release room as the consumption environment optimizing and growth expectation is changing, which could boost the country’s consumption growth recovery, Guo added.

Wang Qing pointed that the consumption recovery will be the main force to boost China’s economy rebound in 2023.