19 Apr 2023 International Economy China’s end to zero-COVID policy supports its 1Q23 GDP to grow 4.5 %YoY (Business Brief No.3999 Full Ed.) คะแนนเฉลี่ย คะแนนเฉลี่ย 5 stars 4 stars 3 stars 2 stars 1 star The Chinese economy expanded 4.5 percent YoY in 1Q23, which was faster than anticipated by markets, led by the service sector that recorded the highest growth in 18 months. After China abandoned the zero-COVID policy, its economic activity has gradually recovered, particularly in the service sector, which surged to an 18-month high of 5.4 percent in 1Q23. The future is bright for the Chinese economy, particularly in 2Q23. It has been projected that its economy will grow by more than 5 percent during this quarter, driven by the low base of 2022 as a result of lockdowns, favorable domestic consumption, and the implementation of monetary stimulus measures such as interest rate cuts, plus fiscal stimulus measures, including infrastructure investment. However, the recovery path may be inhibited by several risks: 1) the global economic slowdown that may hurt China’s exports; 2) ongoing issues within the property sector although it already bottomed in 2022; and 3) local government debts that may inhibit the implementation of various economic stimulus measures. Despite the better-than-expected economic performance in 1Q23, that growth rate remains below the government’s target of 5 percent. As a result, it is expected that the Chinese government will introduce new monetary and fiscal stimulus measures to bolster growth in domestic consumption, and offset the slowdown in the export and property sectors. Such measures will also help China meet its quality growth target, based primarily on domestic consumption. Given this, KResearch expects that the Chinese economy will grow beyond China’s target at 5.2 percent in 2023. View full article Login / Register Or Enter the code from the poll Annotation This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow. International Economy ChinaChinese economy Related Analysis View all 14 Mar 2018 International Economy Thailand must brace for trade disputes between the US, EU and China, etc. (Current Issue No. 2905) The US is pressing ahead with trade measures against trade partners globally. In addition to their new ‘safeguard tariffs’ on imported solar panels and large washing machines imposed early in 2018, and more recently on imported steel and aluminum, the US is now preparing to implement protectionist measures against Chinese products valued at around USD60 billion. This direction will likely add significant pressure to global trade, thus, KResearch views that all eyes should be closely kept on negotiations between the US and EU, both being among the largest economies in the world. Details on those negotiations are expected to be released before the relevant ‘safeguard tariffs’ on steel and aluminum become effective at the end of next week. If the EU and China are exempted from these new tariffs, prevailing anxiety will ease. But to the contrary, without such exemptions, China and the EU may opt to implement their own trade protectionist measures against the US, as well. 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