Posted 12/7/2023, 3:16:00 PM
China Growth Forecasts Decline as US Economy Shows Resilience Despite Persisting US-China Trade Tensions
- China's economic growth forecasts have declined since summer 2022, now expected to be 5.2% in 2023 - below earlier peak estimate of 5.8%.
- China continues to suffer from weak pandemic reopening, shaky real estate market, challenging demographics.
- US recorded 5.2% GDP growth in Q3 2022, fastest quarterly growth since 2021.
- US 2023 annual real GDP growth forecasts now nearly 2.5%, over 4 times higher than 0.5% estimate earlier this year.
- Trade tensions persist between US & China, with US export controls on advanced AI chips and companies diversifying supply chains out of China.