China’s ‘two sessions’ 2023: all eyes on Beijing as lawmakers plot post-pandemic economic recovery
- China is expected to set an economic growth target of above 5 per cent for 2023, as consumers and investors re-engage in business activities post-pandemic
- But to reach the goal and restore business confidence authorities must overcome slowing demand for exports, rising geopolitical risk and property sector woes
For Raymond Zhang, a Shanghai resident who works in the logistics industry, the business environment right now is the most difficult since the start of the coronavirus pandemic, despite an end to China’s zero-Covid policy.
Once scarcely available, empty shipping containers are now stacking up at the Shanghai port, known as the world’s busiest for container throughput, he said.
“Air freight is now bleak and there’s also a slump in sea freight,” Zhang said. “Many companies are using shared containers with other consignments to save costs.
“March and April will be a critical time for orders for the entire year. I think generally it will be a hard year. Many people are expecting a decline in exports.”
The coming couple of months – normally the peak season for foreign buyers to place orders – are not only important for Zhang, but the entire Chinese economy.
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China's slow road to economic recovery after dropping its zero-Covid policies
