Wall Street turns even more bullish on China's economy as the end of zero COVID boosts growth

Wed, 04/19/2023 - 06:58

China economy — Wall Street's top banks expect China's economy to bounce back this year, helped by the end of Beijing's harsh zero-COVID lockdowns.
REUTERS/Kim Kyung-Hoon

Some of Wall Street's top banks raised their forecasts for China's economy this week.
JPMorgan, Citi, and UBS expect a spending boom after Beijing lifted its zero-COVID policies.
The banks all predict China's GDP will grow by around 6% in 2023.

Wall Street's top banks expect China's economy to shine for the rest of 2023, after the country released an impressive first-quarter gross domestic product (GDP) headline figure on Tuesday.

JPMorgan, Citi, and UBS have all lifted their growth forecasts in recent days after China's National Bureau of Statistics said the country's economy expanded by 4.5% year-on-year during the three months ending March 31.