Publication: China Economic Update, June 2023: Sustaining Growth through the Recovery and Beyond
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2023-06-30
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2023-06-30
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Economic activity bounced back in Q1 2023 with the removal of mobility restrictions and a surge in spending on services. However, growth momentum has slowed since April, indicating that China’s recovery remains fragile and dependent on policy support. China’s GDP growth is projected to rise to a 5.6 percent in 2023, led by a rebound in consumer spending. The economic recovery offers an important opportunity for policymakers to refocus their efforts on achieving China’s longer-term development objectives. Structural reforms remain crucial to solidify the recovery and achieve the longer-term goals to (i) become a high-income country by 2035 through productivity-led and environmentally sustainable growth; (ii) peak carbon emissions before 2030 and become carbon-neutral by 2060; and (iii) share the gains from economic growth more equally among the population.
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“World Bank. 2023. China Economic Update, June 2023: Sustaining Growth through the Recovery and Beyond. © World Bank. http://hdl.handle.net/10986/39947 License: CC BY-NC 3.0 IGO.”
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