Barclays cut its forecast for China's economic growth next year to 3.8%, based partly on expectations of a drop in global demand for Chinese goods.
Barclays' Hong Kong-based Jian Chang and Yingke Zhou said in a report Wednesday.
As a result, they now expect China's exports to drop by 2% to 5% in 2023, versus previous expectations for 1% growth, the report said. "China's share of global exports has been shrinking this year," the analysts said. "Foreign companies are seen to haveincluding Vietnam, Malaysia, Bangladesh and India, for the production of some key labor-intensive goods."
Exports remain an important driver of China's economy, especially when the pandemic disrupted global supply chains and generated intense demand for health products and electronics. China's exports surged by 29.8% last year in U.S. dollar terms, following a 3.6% increase in 2020, according to the customs agency.
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