China economic focus March 2023: time for changes

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The new government in China needs to issue new policies to accelerate economic recovery. However, the lower-than-expected 5% GDP target signals that the government may face challenges. China needs to boost consumption by lowering saving rates and increasing real wages. But the government’s recent steps to support private businesses and stabilise housing prices are already providing consumers with a sense of security. China is currently redirecting trade and investment to Asian economies. This is a result of rising political tensions between China and the US and the restructure of the global supply chain.

Table of contents

  • Highlights
  • Four changes in the Chinese economy in 2023
  • Consumption stimulus and strategies are half complete
  • Industry policies are needed to bring confidence back
  • Redirecting trade and investment
  • Appendix

Tables and charts

This report includes 14 images and tables including:

  • Economic targets from the government work report
  • Gross saving rates
  • Share of private investment
  • Changes in China’s top export partners
  • Outbound direct investment
  • 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 March 2023: time for changes

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