China's economy is expected to drive global economic growth in 2023. The country is projected to log a 5% growth rate this year, driven by increased activity and consumer spending. As COVID-19 restrictions are lifted in China, many key industries are poised to experience high growth in 2023.
The automotive industry in China will see higher productivity, especially as production for new-energy vehicles (NEVs) ramps up. The tourism and entertainment industry will also experience higher activity as the country continues to relax restrictions.
China's e-commerce market, the largest in the world, is anticipated to log higher growth this year, with the livestreaming market expected to drive revenue. These high-growth industries present opportunities for local and international companies to expand in China and achieve sustained success.
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