The Chief Asia-Pacific Economist of S&P Global Ratings says China’s COVID policy shift has helped its economic recovery particularly when it comes to consumption and services. He also said China’s reopening will be a positive for the rest of the world. CGTN’s Yang Shanshan has more.
YANG SHANSHAN Beijing “Thank you very much for accepting CGTN’s interview, Mr. Kuijs. Firstly, can you tell us your forecast on China’s economy in 2023 after China shifted its COVID policy?”
LOUIS KUIJS, Asia Pacific Chief Economist, S&P Global Ratings “Right, so we expect that China’s economy will improve in 2023, we will see a pick-up in growth, led especially by consumption and service side after the COVID period. In this environment, we especially expect contact-based services, which is really about people starting to go out again, catering, travel, entertainment, this type of activity to lead the recovery, but it should work if confidence resumes, it should also generate a broader recovery in the economy. That’s what we are looking at, something around 5% growth so far.”
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