Beijing, China / TimesNewswire / February 8, 2023 – China’s economic recovery is expected to take the lead globally in 2023, recent surveys by CGTN showed.
The city view of China’s capital, Beijing, October 18, 2022. /CFP
One poll indicates that 78.34 percent of the global respondents believe that China has become an important engine for the global economy, and 76.23 percent believe that the Chinese economy will inject confidence and strength into the sluggish recovery of the global economy.
For the entirety of 2023, economists, international organizations and investment institutions generally predict that the global economy will continue to recover in a weak manner. However, the strong rebound of the Chinese economy in the early spring has brought a glimmer of hope.
With the Chinese government adjusting its COVID-19 policy in late 2022, the International Monetary Fund raised the estimate for China’s 2023 growth from 4.4 to 5.2 percent in its latest World Economic Outlook report. Morgan Stanley raised its China GDP growth outlook to 5.7 percent in a research note released in January, 0.3 percentage point higher than its previous estimate.
China’s GDP growth has been relatively high when compared to that of other major economies over the past three years, as the average growth rate between 2020 and 2022 was 4.5 percent.
According to a CGTN poll, 71.6 percent of global respondents believe the country’s scientific and dynamic adjustment of epidemic prevention policies has effectively balanced the relationship between COVID-19 prevention and control and economic and social development. The achievements of the country’s efforts in balancing this relationship were highly recognized by 86.8 percent of the respondents.
One figure to note is that 84.7 percent of the respondents believe that China’s development path is in line with its national conditions, which is a key factor for the long-term stability of China’s economy.
CGTN surveys show signs of quick recovery
China’s strong economic rebound started to emerge at the beginning of 2023.
The purchasing managers’ index for China’s manufacturing sector came in at 50.1 in January, up from 47 in December 2022, returning to expansion territory for the first time since September 2022, according to the National Bureau of Statistics.
Authorities in China’s export-oriented regions have also elevated support for merchants to secure orders overseas, including rolling out chartered flights and offering subsidies as the country relaxed its COVID-19 curbs last December.
Europe’s largest asset manager, Paris-based Amundi, believes China offers the most certainty for international businesses this year.
“I think that is the biggest certainty, about the growth, about the rebound, which will be strong. The only uncertainty is about the degree, the rate of the growth,” said Zhong Xiaofeng, Amundi’s greater China chair, in an interview with Nikkei Asia.
The CGTN surveys show that 78.9 percent of the global respondents recognized the achievements of China’s economy and 76.65 percent highly appreciated the remarkable growth of China’s per capita GDP.
In addition, 84.3 percent of the respondents expect China to play a greater role in the process of global economic governance.