2013 will be a year of recovery for China: HSBC

China is going to see positive growth in economic development with higher efficiency in production and increased consumption, which is a great sign of recovery, according to HSBC's prediction for the economy in 2013.

"China will face a new era with economic growth while the US and European countries are still suffering with the severe financial crisis," Stephen King, HSBC Bank chief economist based in the UK, said on Jan 16.

King added that China will play an essential role in leading the global economic rebound by warming up the trading industry.

"The recovery of China's economy will be quite stable and continuous along with a small inflation of about 3 percent, and more loosening monetary policy," said Qu Hongbin, HSBC’s chief economist in China

Qu added that further financial reform nationwide will speed up the internalization of RMB, especially after the introduction of QFII and RQFII investment accounts.