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China: consumption is picking up speed

China: consumption is picking up speed

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China has experienced a strong increase in consumption since the beginning of 2023. Luxury companies are therefore expecting an encouraging rebound in activity. The government is expected to announce its economic targets for 2023 very soon.


The Chinese government announced this in January when the borders were reopened. It had expressed its intention to encourage a recovery in consumption, the main engine capable of lifting the Chinese economy and stimulating imports. China’s growth target is now approaching 6%, up from 5% in January.


On March 5, outgoing Chinese Premier Li Keqiang is scheduled to present the government’s report for 2023, which includes key economic goals and policy priorities. Li Keqiang further told state media on Wednesday that the government is still tweaking its copy.


“This year’s growth will be above 6 percent, which is not high given last year’s low base”, said Yu Yongding, an influential government economist who previously advised the People’s Bank of China to Reuters. He said a growth target above 6% would help “boost morale and boost China’s economic growth potential.”


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