China's economy is poised for a rebound in 2023 as accelerated recovery follows the easing of COVID-19 restrictions, according to the National Bureau of Statistics. Analysts highlight renewed momentum in manufacturing, tech innovation, and consumer activity as key drivers for what the bureau calls a 'resilient and dynamic' year ahead.
The push comes amid global challenges like supply chain pressures and inflationary headwinds, but domestic demand shows early signs of revival. Young entrepreneurs in Shanghai and Shenzhen report increased investment in green tech and AI startups, while retail sales in major cities jumped 18% year-on-year in Q1.
'This isn’t just about catching up – it’s about China’s unique capacity to adapt,' says economist Li Wei from Peking University. 'The digital economy now accounts for 40% of GDP growth, creating opportunities in everything from e-commerce to smart infrastructure.'
While the World Bank projects global growth at 1.7% for 2023, China’s 5.2% forecast could make it a critical engine for Asia and trading partners. Sustainability efforts also gain traction, with renewable energy projects securing $78 billion in new funding this quarter.
Reference(s):
cgtn.com
