dc.contributor.author	World Bank
dc.date.accessioned	2024-01-11T15:01:42Z
dc.date.available	2024-01-11T15:01:42Z
dc.date.issued	2024-01-11
dc.description.abstract	Economic activity in China has picked up in 2023, but the recovery remains fragile. Real GDP growth accelerated to 5.2 percent y/y in the first three quarters of 2023, driven by demand for services, resilient manufacturing investment, and public infrastructure stimulus. The initial phase of economic reopening triggered a surge in economic activity in Q1, but growth momentum decelerated rapidly in Q2 before recovering modestly in Q3. The volatile growth performance, compounded by persistent deflationary pressures and still weak consumer confidence, suggests continued fragility in the recovery. China's investment deceleration has been one of the key drivers of the overall growth slowdown in recent years. Together with the decline in aggregate investment growth, there has been a marked shift in the composition of investment. Structural reforms are crucial both to accelerate rebalancing towards higher consumption and to mitigate risks of inefficiencies in capital allocation. Following recent statements by policymakers, a renewed focus on structural reform implementation with specific measures strengthening the rule of law, independent enforcement of regulations, fostering competition, and ensuring a level-playing field could help ensure that resources are allocated to the most productive sectors and firms. Deepening financial sector reform will enhance market-based financial intermediation. Measures to improve the progressivity of the fiscal system, reform the hukou system, and foster inclusive finance will support household consumption growth.	en
dc.identifier	http://documents.worldbank.org/curated/en/099558301102431321/IDU15f4627e615ee214d211b2e116f327def61a4
dc.identifier.doi	10.1596/40875
dc.identifier.uri	https://openknowledge.worldbank.org/handle/10986/40875
dc.language	English
dc.language.iso	en_US
dc.publisher	Washington, DC: World Bank
dc.rights	CC BY-NC 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	https://creativecommons.org/licenses/by-nc/3.0/igo
dc.subject	GROWTH
dc.subject	PROPERTY SECTOR
dc.subject	INFLATION
dc.subject	INVESTMENT SHIFTS
dc.subject	DEMAND SHORTFALLS
dc.title	China Economic Update, December 2023	en
dc.title.subtitle	Which Way Forward? Navigating China's Post-Pandemic Growth Path	en
dc.type	Report
dspace.entity.type	Publication
okr.crossref.title	China Economic Update, December 2023: Which Way Forward? Navigating China's Post-Pandemic Growth Path
okr.date.disclosure	2024-01-11
okr.date.lastmodified	2024-01-10T00:00:00Z	en
okr.doctype	Economic & Sector Work
okr.doctype	Economic & Sector Work::Economic Updates and Modeling
okr.docurl	http://documents.worldbank.org/curated/en/099558301102431321/IDU15f4627e615ee214d211b2e116f327def61a4
okr.guid	099608201102437907
okr.guid	099558301102431321
okr.identifier.docmid	IDU-5f4627e6-5ee2-4d21-b2e1-6f327def61a4
okr.identifier.doi	http://dx.doi.org/10.1596/40875
okr.identifier.externaldocumentum	34235770
okr.identifier.internaldocumentum	34235770
okr.identifier.report	186915
okr.import.id	2820
okr.imported	true	en
okr.language.supported	en
okr.pdfurl	http://documents.worldbank.org/curated/en/099558301102431321/pdf/IDU15f4627e615ee214d211b2e116f327def61a4.pdf	en
okr.region.administrative	East Asia and Pacific
okr.region.country	China
okr.topic	Macroeconomics and Economic Growth::Economic Growth
okr.topic	Macroeconomics and Economic Growth::Economic Forecasting
okr.unit	EFI-EAP-MTI-MacroFiscal-1 (EEAM1)

Publication: China Economic Update, December 2023: Which Way Forward? Navigating China's Post-Pandemic Growth Path

Files

Original bundle

License bundle

Collections

Publication:
China Economic Update, December 2023: Which Way Forward? Navigating China's Post-Pandemic Growth Path