China’s economic vitality heats up global recovery

As international organi-zations and investment institutions lifted their forecast on China’s economic growth this year, the international community has gained stronger confidence in the Chinese economy.

There is an increasingly prevalent view that China will be a major driver of global recovery. It is anticipated that the Chinese economy will embrace brighter prospects and once again become the largest contributor to global growth.

The lifted expectations on China’s growth mirror the country’s strong economic resilience.

According to the recent World Economic Outlook report issued by the International Monetary Fund (IMF), growth in China is projected to rise to 5.2 percent in 2023, 0.8 percentage points higher than its previous forecast, and China’s economic growth will contribute around a quarter of global growth.

The United Nations’ World Economic Situation and Prospects (WESP) 2023 report said China’s economy is expected to grow by 4.8 percent this year, leading the economic recovery in East Asia.

Besides, many international investment institutions including Morgan Stanley, Goldman Sachs, HSBC and JPMorgan have lifted their forecasts on China’s economic growth in 2023.

Bloomberg said on its website that China’s re