Experts: China's economy expects to pick up in 2023

Ming Ming, chief economist at CITIC Securities

The epidemic will still impact the economic situation to some extent at the year end and early next year, but the current trend is upwards. The economy is expected to rebound prominently in the second quarter both on a monthly and yearly basis.

The growth in retail sales of consumer goods will hopefully return to 7-8 percent in 2023 and the added value of service sector to 5-6 percent.

In the foreign trade perspective, the growth of China's export to ASEAN is significantly higher than to other economies. The RCEP is working to create trade between China and ASEAN member states. Since the beginning of this year, as some energy-consuming industries in Europe have been affected by high energy costs, China's export of chemical products has shown certain substitution effect.