Page 8 - 2023 Special Report on the State of Business in South China

President?? Message ä¼???´è?
Dear Members,
China?? economy is set to
rebound in 2023 as mobility and activity pick
up after the lifting of pandemic restrictions,
providing a boost to the global economy. The
economy will expand 5.2 percent this year versus
roughly 3 percent last year. That?? good news for
China and the world as the Chinese economy is
now expected to contribute a quarter of global
growth this year. Even so, China still faces
significant economic challenges. The contraction
in real estate remains a major headwind, and
there is still some uncertainty around the
evolution of the virus. Longer-term, headwinds
to growth include a shrinking population and
slowing productivity growth.
After three years of implementing its ??ero-
COVID?? strategy, China has dropped all COVID
restrictions, but the virus is not something that
will be eradicated or eliminated. People in China??
and around the world??re going to be dealing
with COVID in 2023 and into the future. Like
everywhere else, COVID will come and go. We're
already seeing indications that cases may have
peaked in major cities, but that's going to happen
at different times across the country.
The economic fallout from Russia?? invasion
of Ukraine is another massive setback to the
global economy. The toll on Ukraine is immense,
but the impact stretches far beyond Ukraine??
borders. Beyond the suffering and humanitarian
crisis from Russia?? invasion of Ukraine, the entire
global economy continues to feel the effects of
slower growth and faster inflation. Impacts are
flowing through three main channels. One, higher
prices for commodities like food and energy are
pushing up inflation further, in turn eroding
the value of incomes and weighing on demand.
Two, those most involved including neighboring
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