AEIR 2023

People’s Republic of China

Economic growth recovered to 8.1% in 2021 from 2.2% in 2020, primarily driven by consumption. However, the economy showed signs of slowing in the second half of 2021. Household consumption accelerated by 12.6% in 2022, reversing a 4.0%-contraction in 2020. On the supply side, services contributed most, growing by 4.4%, with industry up by 3.1% and agriculture by 7.1%. GDP is expected to expand by 5.0% in 2022. With monetary policy expected to ease, exports should grow along with services (as domestic consumption improves). Economic growth is forecast to moderate to 4.8% in 2023 due to a slowdown in return on investment, coupled with a shrinking labor force. 
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 3.0 (Apr23)3.0 3.0
Broad Money Growth 2 12.7 (Mar23)12.7 12.9
Headline Inflation Rate 3 0.7 (Mar23)1.0 1.5
Industrial/ Manufacturing Production Growth Rate 3 3.9 (Mar23)5.0
Merchandise Export Growth 3 14.3 (Mar23)14.3 -1.6
Exchange Rate Index 4 85.4 (Apr23)85.5 79.8
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; CEIC Database.

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