China Economic Monitor: Q3 2023

China’s GDP grew 5.5% year-over-year (yoy) in 2023 H1, posting a steady economic rebound. In Q2, the economy rose by 6.3%, up from 4.5% in Q1, largely thanks to a low base. On a quarter-on-quarter basis, China’s GDP growth reduced to 0.8% in Q2 from 2.2% in Q1, showing a slowdown in the domestic economic recovery.  The government has issued guidelines on boosting confidence in the private sector, and a new round of property easing measures to revive growth. KPMG has lowered China’s GDP growth forecast to 5.5% in 2023 and expect the economy to grow 5.2% in 2024.

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