China Wealth Creation: New Realities In 2022

This story appears in the November 2022 issue of Forbes Asia. Subscribe to Forbes Asia

This story is part of Forbes’ coverage of China’s Richest 2022. See the full list here.

China as a market—post the Chinese Communist Party’s 20th National Congress—remains vulnerable to further disruption. Still, the world’s second largest economy is expected to expand by 5% in 2023, and account for 30% of global growth, according to the IMF. Beijing is focusing on policies to keep prices and unemployment under control—as youth joblessness hit nearly 20% in July, a record high and far above the national rate that hovered around 4% last year. To shore up the economy, state-controlled banks are being encouraged to increase loans to infrastructure, manufacturing and property sectors.

The specter of added U.S.-China tensions and “unswerving” zero-Covid policies are weighing on investor sentiment. Deteriorating ties with the West could have a psychological and material impact on the country’s long-term economic performance. The yuan, down more than 12% in this past year against a surging U.S. dollar, is expected to slide further, putting it on course for its weakest annual performance in nearly three decades.

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