KPMG – China Economic Monitor, 3Q 2023

China's economy has shown signs of a steady recovery in the first half of 2023, with a 5.5% year-on-year GDP growth, according to KPMG's China Economic Monitor report. This growth can be attributed to a low base, as the economy recorded a rise of 6.3% in the second quarter compared to 4.5% in the first quarter. However, there has been a slowdown in the domestic economic recovery on a quarter-on-quarter basis, with GDP growth decreasing to 0.8% in the second quarter from 2.2% in the first quarter. To boost confidence in the private sector, the Chinese government has issued guidelines and implemented new measures to ease property restrictions. KPMG has revised its GDP growth forecast for China to 5.5% in 2023 and expects a growth rate of 5.2% in 2024.