JPMorgan Raises Forecast for China's GDP Growth in 2023

Yesterday, JPMorgan raised its forecast for China's GDP growth this year. It now projects that China's GDP will grow 6.4% in 2023, compared with its previous estimate of 6%.

China's GDP in the first quarter was 28.5 trillion yuan, a year-on-year increase of 4.5% at constant prices, and a quarter-on-quarter increase of 2.2%.

The added value of industrial enterprises above designated size increased by 3.9% YoY and 0.12% MoM in March. The added value of industrial enterprises above designated size increased by 3% YoY in the first quarter of 2023.

On April 18, Fu Linghui, spokesperson of the National Bureau of Statistics, said at a press conference that considering the relatively low base caused by the pandemic in the second quarter of last year, the growth rate of China’s GDP in the second quarter this year may be significantly faster than that in the first quarter. However, the growth rate of China’s GDP in the third and fourth quarter will drop compared to the second quarter.