The British Chamber of Commerce in China: The Chinese economy is moving in the right direction

　　Chris Torrance, vice chairman of the British Chamber of Commerce in China, said that China's (CHN) economy is not as bad as the general sentiment suggests, and economic growth is moving in the right direction as consumer spending picks up.

　　In an interview with Bloomberg TV, he said: "Although the recovery has slowed, I don't actually buy the argument that the Chinese economy is in serious systemic trouble." One year after the adjustment of the Covid-19 prevention and control measures, the economic performance was in line with expectations. Sitting in Beijing and traveling around China, I see more consumer spending. We feel like things are moving in the right direction."

　　Economists have been downgrading their growth forecasts for China as the latest data show a spreading property crisis, slowing consumer and manufacturing growth and a slump in private investment. The median estimate of economists surveyed by Bloomberg is that gross domestic product could grow 5.1 per cent this year, in line with the government's target of about 5 per cent.