According to the Asian Development Bank's Asian Development Outlook 2023 report released on April 4th, China's rapid economic recovery will boost regional and global growth prospects.
China's economy is expected to grow by 5 percent this year, and developing Asia is expected to grow by 4.8 percent, the report predicts.According to the report, China's rapid economic recovery will support the growth of product exports in the Asia-Pacific region, boost regional trade and tourism, and inject stronger impetus to economic growth.
The Asian Development Bank (ADB) is a multilateral development bank focusing on the development of the Asia-Pacific region. Founded in 1966, the ADB is headquartered in Manila, the capital of the Philippines. The Asian Development Outlook is the annual flagship economic report of the Asian Development Bank, which provides forecasts for the economic development of the Asia-Pacific region.