Top 10 Forecasts for The Chinese Economy in 2023

Chinese economist Ren Zeping delivered his annual speech “Igniting Hope – Top 10 Forecasts for the Chinese Economy in 2023” on 20th December 2022.

#1 Forecast

The world will eventually belong to rational optimists, “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change“, the times have changed, the only thing we need to do is to change ourselves, follow the trend, survival of the fittest.

#2 Forecast

We are in the midst of a century of old and new global economic and social cycles, social trends, globalization, international order, economic operation mechanisms, development concepts, etc. will face major adjustment and transformation, this is a big cycle, big transformation, big turbulence, big game, a promising era, we may be standing on the starting point of a new cycle, the global economic and social trough is often brewing scientific and technological innovation, business models, economic systems and industrial waves. This is a winter of disappointment followed by a spring of hope.

#3 Forecast

The world is entering an era of high-cost inflation, with the costs of energy, food, labor, capital, trade, and technology all rising, and the global economy has transitioned from the “golden age of high growth, low inflation, and great moderation” of the previous few decades into an era of “low growth, high inflation, and great turbulence.” The “Black Iron Age,” also known as the “Post-Globalisation Era,” brings both significant challenges and opportunities.

#4 Forecast

Faced with the dollar cycle, global recession, cost-driven inflation, and the shift of old and new growth dynamics, Chinese modernisation will set sail in 2023, guided by the new development concept.

Equity, security, real economy, autonomous innovation, ecological environment, high-quality development, and following the trend are the 7 key words for the future Chinese economy.

#5 Forecast

In 2023, China will launch a package of economic recovery plans to expand domestic demand and make every effort to fight for the economy, with new infrastructure, green economy, urban cluster construction, rural revitalization, the Pillars of a Great Power, and high-end manufacturing becoming the focal points of efforts, reflecting the new development concept and bringing new development opportunities.

#6 Forecast

New infrastructure will lead the way, with a new generation of information technology, metaverse, artificial intelligence, data center, extra high voltage, intelligent transportation, and other large-scale advanced construction, resulting in innovative technologies, new industries, and new engines for China’s economy.

#7 Forecast

The new energy revolution ushers in a period of explosive growth, with the three traditional tracks of new energy vehicles, lithium batteries, and photovoltaic wind power undergoing a major reshuffle, and the 3 trillion-dollar new tracks of autonomous driving, hydrogen energy, and energy storage poised to take off;

NOT investing in new energy now is analogous to NOT purchasing a house 20 years ago.

#8 Forecast

New consumer, new China-chic are rising, the one with young people has the future, the one with online has the world, shopping, life, work, production, entertainment, and other online is the trend, 8 beautiful industries take advantage of the trend,

emotional demand will grow rapidly, pet economy, home economy, medical beauty, psychologists, elderly care, and other industries are growing rapidly. We are all single-winged angels, we can only fly if we embrace each other.

#9 Forecast

Coping with an aging population and the trend of fewer children has become a national strategy, ranging from liberalizing childbirth to encouraging childbirth and vigorously building a childbirth support system. Children are the greatest wealth in the future, and cities are opening up to a war mode of attracting talents.

#10 Forecast

Real estate is entering the era of stock differentiation, regional differentiation, real estate enterprise differentiation, lot differentiation, and so on. The era of urban clusters in metropolitan areas is approaching, and real estate taxation rather than land finance is the general trend.

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Translated by Grace Liping Guo

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