Business Survey by Global Times Research Center: Challenges and Opportunities for China's As Well As the World's Economy

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BEIJING, February 28, 2023–(BUSINESS WIRE)–A survey conducted by the Global Times Research Center with 405 mid- and senior-level executives from domestic and overseas companies showed that the sustained slowdown of global growth and the continuous impact of the pandemic are the main constraints for global economic development in 2023. The accelerated recovery of domestic demand and the development of digital economy will bring new opportunities for China’s economic development in 2023. The survey was conducted from December 12, 2022 to January 9, 2023.

Current development and future expectation of enterprises

36.5% of the representatives think that the overall revenue of their own enterprises in 2022 is better and much better than that in 2021, and 20.5% think it is similar to that in 2021.

Looking forward to the opportunities and challenges that enterprises will face in 2023, more respondents (45.7%) think opportunities will outweigh challenges, nearly 30% think that challenges will outweigh opportunities.

Global economy

According to the survey, the top three restrictive factors of global economic development in 2023 are: Global economic growth continues to slow down (52.1%), the pandemic continues to impact consumption/personnel flow is blocked (49.6%), and international/regional wars (44.4%). 55.8% of foreign companies believe that “politics- and ideology-oriented economic and trade cooperation” is the main constraint.

In this survey, 156 business representatives believe that “unstable supply chain/industrial chain” will be the main factor restricting global economic development. How will the global supply chain change in 2023? 37.8% of those think it will be obviously regionalized, nearly 40% think it will be further adjusted (37.2%), and 28.2% think it will turn to localization.

Chinese economy

In the next five years, which countries/regions will have better economic development prospects? According to the survey, the executives are most optimistic about China (68.1%), much higher than other countries and regions, including Middle East (28.9%), ASEAN (25.4%), India (24.4%) and the United States (24.4%).

About 57% said they are “very” or “relatively” confident of China’s economic recovery in the next three years, higher than the confidence in Asian (41%) and global markets (27%).

Regarding the positive trend of China’s economic development in 2023, the top three are: Accelerated recovery of domestic consumption demand (52.1%), digital economy development brings new opportunities (51.4%) and green development brings industrial opportunities (41.7%).

(Subject to the strength or responsibilities) The top three areas in which respondents are willing to invest and conduct business in China are: Healthcare (54.1%), low-carbon environmental protection/new energy (51.1%) and digital economy and communication technology (43.0%).

Scientific and technological innovation is the important core of high-quality development. According to the 197 interviewees who are interested in the topic of science and technology industrial chain, the main difficulties/constraints faced by Chinese enterprises are insufficient R&D in cutting-edge fields (60.4%), insufficient supply of innovative talents (57.4%) and the obstruction of international science and technology cooperation and talent flow (48.7%).

Of the 98 respondents interested in the topic of automobile industry, more than 90% are optimistic about the development of China automobile market in the next five years, and think that the development prospect is promising. In their opinion, the top two segments of China’s automobile industry at the forefront of global are battery technology (60.2%) and intelligent networking (51%).

Fan Dongsheng, Director and General Manager of China Tourism Group Hotel Holdings Co., Ltd., told Global Times Research Center that the new energy vehicles already have the strength and foundation to compete with traditional car companies overseas and are attractive to international talents.

According to the respondents (57 people) who are interested in real estate topics, “sluggish market demand” and “poor liquidity of funds” (both in 21.1%) are the biggest difficulties of the real estate in China .

(Where results do not sum to 100 or the ‘difference’ appears to be +/-1 more/less than the actual, this may be due to rounding, multiple responses, or not stated responses.)

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