China"sacceleratingeconomicrecoveryhasaddedtoforeigninvestors"confidenceintheworld"ssecond-largesteconomy,internationalbusinessleadersandeconomistssaid.

Withtheconsumptionandservicessectorsrecordingmajorrecovery,theChineseeconomyisexpectedtoofferaglimmerofhopeamidthegloomyworldeconomicoutlook,althoughitstillfacespressurefrominsufficientexternaldemandandchallengesinsectorslikepropertyandprivateinvestment,theysaid.

OntheheelsofChina"sreleaseofmajoreconomicdataforthefirstquarterofthisyear,multipleinternationalinvestmentbanksandfinancialinstitutions,includingJPMorgan,CitiandUBS,haveraisedtheirforecastsforthecountry"sGDPgrowthin2023.

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JPMorganincreasedtheoutlookto6.4percent,comparedwithapreviousforecastof6percent,whileCitiupgradeditsforecastto6.1percentfromitsprevious5.7percent.UBSsaiditforeseesthegrowthtobehigherat5.7percentin2023,comparedwithitspreviousforecastof5.4percent.

"China"sGDPgrowthinthefirstthreemonthscameinnotablyaboveexpectations....Thestronggrowthreportpointstoastrongpost-epidemicrecovery,"saidZhuHaibin,chiefChinaeconomistandheadofGreaterChinaEconomicResearchatJPMorgan.

China"sGDPgrowthreboundedto4.5percentyear-on-yearinthefirstquarter,afterreaching2.9percentinthelastquarterof2022,datafromtheNationalBureauofStatisticsshowedonTuesday.

AccordingtoCiti,theunderlyingmomentumcouldbestrongerthanthenumbersuggests,giventhatmeaningfulrecoveryperhapsonlystartedafterSpringFestivalinFebruary.

Thisyearcouldbeawindowofopportunityforpolicymakerstoaddressstructuralissues,suchasweakprivateconfidence,unemploymentamongyoungpeopleandlocalgovernmentdebt,itsaid.

WangTao,headofAsiaeconomicsandchiefChinaeconomistatUBS,predictedthatresumptionofservicesactivitiesinurbanareas,especiallythoseofsmallandmedium-sizedenterprises,shouldhelpsupportgradualemploymentandincomegrowthoverthecourseof2023,aswillthereleaseofsomeexcesssavings.

Inaddition,astheeconomycontinuestorecover,theeffectofeasedpropertypoliciesandlowermortgagerateswillcontinuetocomethrough,supportingfurtherrecoveryofpropertyactivities,shesaid.

OnthebackofChina"seconomicrecovery,internationalbusinessleadershaveexpressedtheirgrowingconfidenceintheChineseeconomy.

HSBCGroupChairmanMarkTuckersaidhebelievesthatChina"seconomyhasbecomeevenmoreresilientsincetheoptimizationofCOVID-19responsemeasures.

TuckersaidheisverybullishontheprospectsoftheChineseeconomyaswellasthebusinessopportunitiesthatChinaisprovidingtoenterprises.

TheChineseeconomyhasbeenrecoveringatafastpacesincethebeginningoftheyear,withinflationwellundercontrol,hesaidinBeijingearlierthisweekattheChinaAnnualInvestorWealthSummit,whichwasjointlyheldbyHSBCandbusinessandfinancialnewsproviderCLS.

Chinawilllikelyaccountforaroundone-thirdofworldeconomicgrowththisyearifthecountrymeetsitsgrowthtargetof5percent,whichislowerthanforecastsofmanyinternationalinstitutions,hesaid.

MichaelBlake,CEOfortheAsianarmofUnionBancairePrivee,afamily-ownedprivatebankandspecialistassetmanagerbasedinGeneva,Switzerland,saidheexpectsChinatoprovidetremendousopportunitiesfordomesticaswellasinternationalinvestorsinmanyareas,includingtheautomationofmanufacturing,artificialintelligenceandthenextgenerationofhealthcare.

FrankMeng,chairmanofQualcommChina,saidthecompanyhasalwaysbeenoptimisticaboutthelong-termdevelopmentoftheChineseeconomyandwillcontinuetoincreaseinvestmentandexpandcooperationinChina.

"ThenumberofQualcomm"semployeesinChinahasgrownbydoubledigitsalmosteveryyearsince2018,"Mengsaid,addingthatQualcommhasestablishedjointinnovationcenterswithdifferentpartnersinvariouscities,andtheseareallimportantpartsofQualcomm"scontinuousdevelopmentinChina.

ZhangDawei,vice-chairmanandsecretary-generaloftheChinaCenterforInternationalEconomicExchanges,suggestedthatthegovernmenttakemorestepstoenhanceexpectationsofprivateentrepreneursandbettersupportthedevelopmentoftheprivatesector.

Withthat,thereboundmomentumofconsumptionwillbewellconveyedtothemanufacturingindustry,especiallythatintheprivatesector,hesaid.

LiuMengyang,asenioranalystofcorporatesatFitchBohua,asubsidiaryofFitchRatings,saidthatsheexpectsinfrastructuretoremainimportanttostabilizinggrowthinChina,withrailwayinvestmentprobablyspeedinguptoprovidestrongersupporttotheoveralleconomicreboundthisyear.