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460,000 companies close down, 800 million people in debt, China's 2023 economic has no way out

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The International Monetary Fund (IMF) released its latest "world economic outlook" report on Jan. 31, 2023, revising global economic growth for 2023 upward to 2.9 % from the 2.7 % forecast in October 2022. China's economy has also been revised upward significantly to 5.2 % from the 4.4 % forecast in October last year. Bloomberg said this is the first time in a year that the IMF has raised its growth forecast for the global economy. The reason for the upward revision is the rebound in demand in the U.S. and Europe, as well as the improvement in China's outbreak of Covid-19.
The report also claims that changes in China's outbreak control measures will boost global economic growth and that a weaker U.S. dollar offers a brighter outlook for emerging market countries with foreign debt. Economic growth in emerging markets and developing economies is expected to rise to 4.0% in 2023.
However, local Chinese economists and professionals are far from being so optimistic.

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