SIMIC

THE Chinese economy this year is expected to grow faster than previously forecast and exceed government target of "around five per cent", according to a survey of local economists, reports Tokyo's Nikkei Asia.
A survey of 28 economists in March revealed that, on average, they expect the Chinese economy to grow 5.4 per cent in 2023, up from 4.7 per cent forecast in December.
While many of the economists expect the Chinese economy to expand at a faster pace than the government target of "around five per cent," led by a consumption recovery, there are growing concerns that the world's second-largest economy will run out of steam, partly due to a banking crisis in the West.
But Barclays China economist Jian Chang is upbeat, forecasting growth of 5.6 per cent in 2023. "We think the improving January-February activity data - led by a rise in retail sales, a smaller contraction in property investment [and] home sales, and the strong rebound in services activity - broadly confirm the rebound in domestic demand triggered by the faster-than-expected reopening," said Mr Chang.