China's 2023 GDP may grow by 5.4%; domestic demand's role in growth up

05 Jul '23

1 min read

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Insights

China's gross domestic product grew by 4.5 per cent in the first quarter, and is expected to grow by around 5.4 per cent in the entire year, said a Bank of China Research Institute report.
The contribution of domestic demand to economic growth has increased.
Infrastructure investment will continue to grow rapidly and consumption may moderately recover.

China's gross domestic product (GDP) grew by 4.5 per cent in the first quarter (Q1) this year, and is expected to grow by around 6 per cent in Q2, 4.9 per cent in Q3, and by 5.4 per cent in the entire year, said a recent report by the Bank of China Research Institute.

The contribution of domestic demand to economic growth has increased, the report noted.

Consumption is expected to see moderate recovery driven by pro-consumption policies and the accelerated release of service consumption, an official Chinese media outlet reported.

Infrastructure investment will continue to grow rapidly, and as economic recovery continues, the banking sector is taking the initiative to raise support for the real economy and steadily increase the size of its assets and liabilities.

China's bank industry continued to strengthen the ability to cope with risks, and asset quality continued to improve, the report added.

Fibre2Fashion News Desk (DS)

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