China economist pins hopes on real estate and consumption

Building confidence: A pedestrian walking near a residential construction project in Beijing. High-level household savings and the recent recovery in consumption will contribute to an active growth rebound, says Yao. — Bloomberg

BEIJING: Real estate recovery is a key factor to China’s economic rebound this year and should be closely monitored while growth driven by foreign trade, particularly exports, is likely to dim, says an economist.

Yao Yang, dean of the National School of Development at Peking University, said in a recent seminar that he expects China’s 2023 gross domestic product to achieve growth between 5.3% and 5.8%, with consumption playing a notable role.