China's GDP expected to grow 5.4% in 2023

China's GDP is expected to grow 5.4 percent in 2023, according to a report by the Bank of China Research Institute released on Monday.

The global services sector recovered steadily in the second quarter of this year and the trend will continue in the third quarter.

The contribution of domestic demand to economic growth has increased, and China's GDP grew by 4.5 percent in the first quarter. GDP is expected to grow by around 6 percent in the second quarter and 4.9 percent in the third quarter, according to the report.

Driven by pro-consumption policies and the accelerated release of service consumption, consumption is expected to maintain moderate recovery.

Infrastructure investment will continue to grow rapidly, investment in high-tech industries will support investment growth, and the real estate market is expected to gradually bottom out and recover.

As economic recovery continues, the banking sector is taking the initiative to increase support for the real economy and steadily increase the size of its assets and liabilities.

Bank industry's business development pays equal attention to quantity and efficiency, actively adapting to the downward trend of LPR, and the overall profit remains stable.

China's bank industry continued to strengthen the ability to cope with risks, and asset quality continued to improve.

The country's bank industry also strengthened the ability to replenish diversified capital and consolidate the foundation for risk prevention and control.