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China outlook at the beginning of 2023

Economy highlight:

New energy industry has great potential

2022 has been a tough year for almost all industries. If there is a single bright spot in the industry, it is the new energy industry. In 2022, China’s installed capacity of wind power increased by 16.9%, the new grid-connected capacity of photovoltaic power generation increased by 105.8%, the installed capacity of electric energy storage increased by 36%, and the sales of new energy vehicles increased by 110%. For every 10 new energy vehicles sold in the world in 2022, China’s new energy vehicles accounted for 6; For every 10 passenger cars sold in China, new energy vehicles account for 3. China’s huge investment and innovation in the new energy industry today has brought great imagination to the Chinese economy after 2023.

Logistics upgrade

The rise of e-commerce in a broader range, such as cross-border platforms, advanced manufacturing, regional trade, fresh food and medicine, B2B/C2M/supply chain logistics providers, will continue to support the demand of high-standard market. In terms of storage types, the future supply and transformation will pay more attention to smart storage and facilities focusing on sustainable direction. In addition, there will be more and more multi-purpose mixed spaces including industrial manufacturing, dry-to-cold, processing, and customized warehouses, building warehouses, and e-commerce self-built warehouses.

Foreign trade

Domestic demand will be better than external

On the one hand, the economic development will face many difficulties and challenges next year. For example, in the context of the restructuring of the global industrial chain, the weak situation of foreign trade may be difficult to improve significantly, and the main thing is “stability”; On the other hand, domestic demand should be better than external demand next year, and China’s economy is expected to rebound in 2023.

Trade delegation wave

Many provinces organized charter flights to overseas for expo/orders/ at the first time when China lifted all the COVID restriction in December 2022. On December 4, Jiaxing organized a “single grabbing group” of more than 100 people to fly to Japan to participate in the AFF textile and clothing exhibition. On December 6, Ningbo organized a charter service to take local enterprises to the United Arab Emirates, Indonesia and Japan for exhibition and market development. Now almost every province has overseas delegations plan for 2023, e.g. Zhejiang Province plans to organize a procurement group of 1000 entrepreneurs and 10000 enterprises to fight for orders all over the world in the near future.