China Growth Forecast Downgraded to 4.5% in 2023 Amid Fragile Recovery
• China's economy forecast to grow 4.5% in 2023, down from 5.2% in 2022, according to World Bank report • Recovery from COVID-19 shocks remains "fragile" due to property sector weakness, high debt, weak exports • Growth expected to slow further to 4.3% in 2025 • Job creation focused on low-paying service roles; consumers cautious amid aging population, weak safety nets • Stimulus policies aimed at supporting local governments, but more structural reforms needed to boost confidence, spending