China economic focus January 2023: reopening and recovery
We expect China’s GDP to grow by 5.5% in 2023, supported by an earlier-than-expected reopening. Consumption will be the first to rebound, followed by the property sector. High levels of savings in 2022 will fuel pent-up demand. Restored consumer confidence will positively impact demand for goods and housing. However, infrastructure investment will slow with a shifted government focus to consumption and a higher government debt level.