China Sees ‘Rapid’ Consumer Rebound as UBS Lifts GDP Outlook
- NDRC says it will take measures to boost consumption this year
- UBS lifts 2023 growth forecast to 5.4% from 4.9% on reopening
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The recovery in China’s consumer spending has been “rapid” since the country reopened, the economic planning agency said, a rebound that’s also prompted banks like UBS Group AG to upgrade growth forecasts into next year.
The government wants consumption to play a bigger role in driving the economy this year and will take measures to help support spending, Li Chunlin, a vice chairman of the National Development and Reform Commission told reporters on Monday.