Foreign funded institutions: Strong consumption growth in China in the first half of the year, improved foreign trade competitiveness, and stable growth | Economy | China
CCTV News: After the release of China's economic performance report in the first half of 2023, analysts from multiple foreign institutions believe that stronger than expected consumption is becoming an important driving force for stable economic growth in China. In terms of foreign trade, in the first half of the year, while the scale of China's imports and exports steadily increased, the quality and competitiveness also improved, demonstrating the strong resilience of the Chinese economy.
One of the international rating agencies, Fitch Ratings, recently raised its forecast for China's economic growth in 2023 in its global economic outlook report, from 5.2% in March to 5.6%. Brian Coulton, Chief Economist at Fitch Ratings, believes that the steady improvement in China's job market will provide a guarantee for residents to expand consumption. Coupled with a good start to the first quarter, even if facing some downward risks in the near future, the Chinese economy is still expected to achieve a growth of 5.6% in 2023.
![Foreign funded institutions: Strong consumption growth in China in the first half of the year, improved foreign trade competitiveness, and stable growth | Economy | China](https://a5qu.com/upload/images/01b64afb2da79ec088c7a0acc62806cd.jpg)
Looking ahead to the second half of 2023, several analysts have pointed out that inflation in major developed economies around the world is still at a high level, and the interest rate hike process by major central banks has not yet ended. Emerging economies, including China, will continue to face pressure from weakened external demand. Analysts predict that the Chinese government may make moderate efforts in macro policies, provide more support to enterprises and residents, promote further improvement in employment and consumption growth, and allow the high-tech industry to play a more driving role.