On March 5, 2023, China set a GDP growth target of around five percent for 2023, which is lower than expected. What are the major challenges and risks for China’s economic growth in 2023 and beyond? Where do the strengths in China’s economy lie? Both the promise of continued export and consumption growth and the threat of rising debt and property sector instability raise critical questions. How will tariffs, trade imbalances, and geopolitics affect China’s economic prospects?
In an interview conducted in partnership with Peking University’s National School of Development on March 14, 2023, Dr. Hu Yifan and Dr. Lu Feng provide their forecasts of China’s economy for the coming year.