Your current location:HOME >opinions >China poised for strong recovery in 2023, says Morgan Stanley economist 正文
TIME:2024-05-21 09:43:17 Source: Internet compilationEdit:opinions
(Xinhua) 13:08, January 18, 2023NEW YORK, Jan. 17 (Xinhua) -- China's economy is expected to deliver
NEW YORK, Jan. 17 (Xinhua) -- China's economy is expected to deliver a strong recovery in 2023, buoyed by the country's optimized epidemic response and effective pro-growth policies, an economist at Morgan Stanley has said.
Mobility indicators across the country, such as intracity traffic and subway ridership, "have already rebounded meaningfully in early 2023," Chetan Ahya, chief Asia economist at Morgan Stanley, told Xinhua recently via email.
"We think this will help support a higher level of economic activity from an earlier starting point, supporting GDP growth throughout the year," he said.
In a research note released last week, Morgan Stanley raised its outlook for China's GDP growth in 2023 from 5.4 percent to 5.7 percent, predicting that a rebound in activity will come earlier and be sharper than expected.
The rapid rebound in mobility and the alignment of COVID-19 management, economic and regulatory policy to promote growth are two major reasons for the upward revision of the forecast, said Ahya.
He said that China has pledged to synergize its fiscal and monetary policies with its COVID-19 response shift to facilitate growth recovery, adding that "regulatory policy has also turned more conducive to anchoring market expectations."
Moreover, the annual Central Economic Work Conference affirmed commensurate support for both state-owned and private enterprises, continued the Morgan Stanley economist.
"This backdrop should support both a stronger policy pass-through and private sector confidence, allowing a strong growth recovery to take hold in 2023," Ahya noted.
He said that a comeback in private consumption, especially services consumption, will be a crucial driver for growth.
The economist expected China's real household consumption growth to be lifted to 8.5 percent in 2023 and an improvement in investment, including the property sector, with policy support.
Ahya also said that a sound recovery of the world's second-largest economy could provide a timely boost to the global economy.
"China's counter-trend recovery should provide an uplift to aggregate demand around the world, with the strongest positive spillover effects to the rest of Asia and Europe," said Ahya.
Children are evacuated from school 'during an exam' after threat made via email2024-05-21 09:11
Xiangjiang New Area of China's Hunan actively cultivates new quality productive forces2024-05-21 09:09
Ahead of United Methodist gathering, African churches weigh their future2024-05-21 09:00
Forex settlement data showcases upbeat prospect of yuan assets2024-05-21 08:33
Inquiry slams UK authorities for failures that killed thousands in infected blood scandal2024-05-21 08:29
China has 3,617 listed manufacturing companies by January2024-05-21 08:25
Chinese C919 jetliner arrives in Singapore to attend airshow2024-05-21 08:16
China In Perspective: Confidence, certainty and potential behind China's 2024 growth target2024-05-21 07:58
Company wins court ruling to continue development of Michigan factory serving EV industry2024-05-21 07:28
China's Xiaomi releases its first self2024-05-21 07:23
Pope trip to Luxembourg, Belgium confirmed for September, 2 weeks after challenging Asia visit2024-05-21 08:59
ITB Berlin travel trade show kicks off2024-05-21 08:54
China detains 2 over tourist boat capsizing that killed 12, citing lack of safety equipment2024-05-21 08:48
China's car rental market posts robust performance during Spring Festival holiday2024-05-21 08:40
The Latest2024-05-21 08:36
I'm a career expert2024-05-21 08:18
China's innovative drugs gain momentum in global expansion efforts2024-05-21 08:03
Forex settlement data showcases upbeat prospect of yuan assets2024-05-21 07:53
Yvette Fielding says her Most Haunted co2024-05-21 07:07
I'm a career expert2024-05-21 07:01