China as a market—post the Chinese Communist Party’s 20th National Congress—remains vulnerable to further disruption. Still, the world’s second largest economy is expected to expand by 5% in 2023, and account for 30% of global growth, according to the IMF. Beijing is focusing on policies to keep prices and unemployment under control—as youth joblessness hit nearly 20% in July, a record high and far above the national rate that hovered around 4% last year. To shore up the economy, state-controlled banks are being encouraged to increase loans to infrastructure, manufacturing and property sectors.
Read Michael’s full article on Forbes Asia here.
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