China’s 2023 growth will be a spark for the global economy – if it materialises, World Economic Forum speakers say
- Markets will rebound ‘faster than most people expect’, HKEX CEO says during China-focused discussion in Davos, Switzerland
- Former Australian prime minister Kevin Rudd strikes a more cautious tone given geopolitical headwinds
China’s economy has solid growth prospects in 2023 assuming that geopolitical tensions between the US and China do not come to represent a stiffer headwind, according to speakers on a World Economic Forum panel on Tuesday in Davos, Switzerland.
Nicolas Aguzin, CEO of Hong Kong Exchanges and Clearing, expressed the most optimistic outlook during the discussion on the “next chapter” for the world’s second-largest economy.
China’s reopening is “the most positive catalyst for global markets there is in 2023”, he said, adding that markets will rebound strongly and “faster than most people expect”.
Former Australian prime minister Kevin Rudd agreed that growth in China would provide a boost to the global economy, which will be challenged by recessionary risks in Europe and the US. However, he also adopted a more cautious tone about how much growth will materialise.
“If China produces a solid growth number for 2023 of 5 or 5-plus per cent, that will underpin much global growth for the year to come,” Rudd said.