2/8, 7:14 AM (Source: TeleTrader)
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Fitch: China's 2023 growth forecast revised upward

China's economic outlook for 2023 has been revised up to a growth of 5% from 4.1% as the country's consumption and economic activity are recovering faster than expected, Fitch Ratings announced Wednesday.

The change from China's previous strict COVID-19 policy also justifies the new assessment, as the large wave of infections appears to be subsiding. This change is reflected in a jump in the country's PMI from 41.6 in December to 54.4 in January.

The rating agency believes that consumption will lead the recovery as households engage again in activities previously hindered by health controls. "The sharp acceleration in household deposit growth recorded over 2022 could support even faster 'catch-up' consumption than we now anticipate," Fitch concluded.

Baha Breaking News (BBN) / JG