On Friday (January 10), local time, Goldman Sachs Group, a top US investment bank, said on its official website that the bank once again raised its expectations for China's economic growth this year, and pointed out that this trend will also significantly boost global growth.

Goldman Sachs Research wrote in the report that the bank's economists Joseph Briggs and Devesh Kodnani latest forecast China's economic growth in the four quarters of 2023 will reach an average of 6.5%, significantly higher than the 5.5% forecast at the end of November last year.

Not only that, they also believe that the global economy will also grow by 1 percentage point, driven by the accelerated recovery of China's economy and the recovery of domestic demand.

The report writes that the outlook for global growth is becoming clearer, "until then, we already expected most major economies to avoid recession." On this basis, the accelerated pace of recovery in China, combined with improved global financial conditions and lower European gas prices, is the reason for our further upward revision of global economic expectations. ”

Goldman Sachs believes that China's economy will mainly affect the global economy through "three direct channels":

First, China's domestic demand is expected to grow by 5%, which is extremely beneficial for countries geographically close to China, and is expected to boost GDP growth by about 0.4 percentage points in most Asia-Pacific economies.

Hideki Ito, director and researcher of Mizuho Bank China, pointed out that China's strong supply chain covers many fields and is deeply involved in the supply chain system of partner countries. "For example, in Malaysia and Thailand, where the electronics industry is concentrated, the proportion of electronic components and equipment imported from China is high; The Philippines imports 49 important agricultural fertilizers from China. ”

Second, China's international travel demand will significantly promote the recovery of foreign services in tourism host countries, thereby boosting the economies of destination countries. Last week, Luo Lan, director of the Shanghai office of the National Tourism Authority of Thailand, said: "With the resumption of Chinese flights to Thailand, Thai airports expect about 7 million to 10 million Chinese tourists to land at Bangkok Airport in 2023." ”