China economic focus January 2023: reopening and recovery

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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.

Table of contents

  • Highlights
  • Full recovery will take a while
  • Pent-up demand and restored confidence
  • Reopening could save the property sector
  • Rising government debt limiting infrastructure investment
  • Appendix

Tables and charts

This report includes 12 images and tables including:

  • Daily highway mobility index
  • Weekly operated flights
  • New household savings increased significantly in 2022
  • Wood Mackenzie's proprietary China data
  • Manufacturing PMI
  • Industrial production and retail sales
  • Trade
  • Inflation
  • Property
  • Investment
  • Money supply (M2)
  • Required reserve ratio

What's included

This report contains:

  • Document

    China economic focus January 2023: reopening and recovery

    PDF 989.23 KB