Global Times Research Center Survey Revealed the Roadblocks and Opportunities for China’s Economic Development in 2023

Global Times Research Center, affiliated with China’s leading English-language media house, conducted a survey from December 12, 2022 to January 9, 2023 with 405 mid and senior-level executives from domestic and overseas companies. The media house’s survey report showed that the sustained slowdown of global growth and the continuous impact of the pandemic are the main constraints for global economic development in 2023. The report also stated that accelerated recovery of domestic demand and the development of digital economy will bring new opportunities for China’s economic development in 2023.

One of the key findings of the survey was that 36.5% of the respondents think that the overall revenue of their own enterprises in 2022 is better and much better than that in 2021, and 20.5% think it is similar to that in 2021. Nearly 40% think it is worse and much worse than that of 2021. Looking forward to the opportunities and challenges that enterprises will face in 2023, more respondents (45.7%) think opportunities will outweigh challenges, nearly 30% think that challenges will outweigh opportunities.

The survey shows that the major challenges of companies are the direct impact of the pandemic (46.9%) followed by the sluggish global economy (37.8%), the rising production costs ranked third (34.3%).

According to the survey, the top three restrictive factors of global economic development in 2023 are the continuous slowdown of global economic growth (52.1%), the continuous impact of pandemic on the consumption and personnel flow (49.6%), and international or regional wars (44.4%). 55.8% of foreign companies believe that “politics- and ideology-oriented economic and trade cooperation” is the main constraint.

In this survey, 156 business representatives maintained that “unstable supply chain or industrial chain” will be the main factor restricting global economic development. 37.8% of those think the global supply chain will be obviously regionalized, nearly 40% think it will be further adjusted (37.2%), and 28.2% think it will turn to localization.

According to the survey, the executives are most optimistic about China’s (68.1%) economic development prospects, much higher than other countries and regions, including Middle East (28.9%), ASEAN (25.4%), India (24.4%) and the United States (24.4%).

About 57% said they are “very” or “relatively” confident of China’s economic recovery in the next three years, higher than the confidence in Asian (41%) and global markets (27%).

The top three positive trends in China’s economic development in 2023, according to the representatives, are accelerated recovery of domestic consumption demand (52.1%), new opportunities brought by digital economy development (51.4%), and industrial opportunities brought by green development (41.7%).

The top three areas in which respondents are willing to invest and conduct business in China are healthcare (54.1%), low-carbon environmental protection and new energy (51.1%), and digital economy and communication technology (43.0%).

According to the 197 interviewees who are interested in the topic of science and technology industrial chain, the main difficulties faced by Chinese enterprises are insufficient R&D in cutting-edge fields (60.4%), insufficient supply of innovative talents (57.4%) and the obstruction of international science and technology cooperation and talent flow (48.7%).

Of the 98 respondents interested in the topic of automobile industry, more than 90% are optimistic about the development of China automobile market in the next five years, and think that the development prospect is promising. In their opinion, the top two segments of China’s automobile industry at the forefront of global are battery technology (60.2%) and intelligent networking (51%).

Fan Dongsheng, Director and General Manager of China Tourism Group Hotel Holdings Co., Ltd., told Global Times Research Center that the new energy vehicles already have the strength and foundation to compete with traditional car companies overseas and are attractive to international talents.

According to the 57 respondents who are interested in real estate topics, “sluggish market demand” and “poor liquidity of funds” (both in 21.1%) are the biggest difficulties of the real estate in China.

For more information on this news release, please contact:

Global Times Research Center

Tel: (+86) 010-6536 7791

Email: [email protected]

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