“Growth in China is projected to rise to 5.2% in 2023,” the IMF said in the newly released update to its World Economic Outlook report, adding that “growth is expected to pick up in China with the full reopening in 2023.” The new projected growth rate is 0.8% higher than the October 2022 forecast. Same as all other major trade shows in China, the China Import and Export Fair, widely known as the Canton Fair, will resume physical exhibits after three years of the COVID-19 pandemic.
Many top economies have reported significant growth in trade with China in 2022 with some figures even setting records. Newly released US official data showed that trade between the US and China hit a record US$690.6 billion in 2022, indicating robust trade growth.
In 2022, China imported 12.85 million metric tons of livestock products, down 17.9% year-over-year, and US$51.54 billion in imports, down 1.5% year-over-year. Nevertheless, according to the U.S. Meat Export Federation, the total volume and value of US beef exports in 2022 were both annual records. Pork exports ranked third in history in terms of export value, behind only 2020 and 2021.
Following a new round of policy shifts concerning COVID-19 prevention and control, travel and consumption rebounded in January. During the three-day New Year holiday, the country recorded roughly 52.7 million domestic tourist visits, up 0.44% from 2022. Tourism revenue generated over the holiday reached over US$3.9 billion, up 4% from the same period last year. In the following weeklong Spring Festival holiday, about 308 million domestic trips were made in China during the holiday, up 23.1% from last year, according to the official statistics.