Overall, data for China’s economic performance at the start of 2023 are quite mixed. Despite the reopening (since China abandoned its zero-COVID policies in early December), there has not yet been a wave of “revenge spending”. Given the likely weakness in demand for China’s exports in 2023, authorities have identified consumption as the key driver of growth this year – yet the big driver in January and February was investment. Our forecasts are unchanged this month, with China’s economy to grow by 5.4% in 2023 and 4.5% in 2024. • Growth in China’s industrial production was somewhat stronger in January and February – ... (full story)