Fitch revises China 2023 growth forecasts to 5.0% from 4.1%

Early Wednesday morning in Europe, the global rating agency Fitch came out with upbeat economic forecasts for China by saying, “Fitch Ratings has revised its forecast for China’s economic growth in 2023 to 5.0%, from 4.1% previously.”

The rating giant cites recovery in consumption and activity as the key catalysts for the latest optimism, “Evidence that consumption and activity are recovering faster than initially anticipated after the authorities moved away from their “dynamic zero Covid-19” policy stance in late 2022,” said Fitch.

Key quotes

Many high-frequency indicators remain below pre-pandemic norms, but have recently rebounded in sequential terms. 

More to come...