skip to log on skip to main content
VoiceOver users please use the tab key when navigating expanded menus
Article related to:


Outlook 2023: the return of China?

Head of Asia Research, ANZ

2022-12-05 00:00

China could be on the way back in 2023.

If, as expected, China begins to open up in the New Year, and joins the rest of the world in treating COVID-19 as endemic, the regional and global economy would benefit significantly.

Such a move would have a welcome impact on demand, as advanced economies like the United States of America and Europe show signs of slowing down quite markedly.


Another critical opportunity in 2023 will be the ongoing shift in capital flows in the Asian region. Increased investment from multinationals into countries like Indonesia, Vietnam and India will continue as businesses seek to diversify away from China.

Of course, the spectre of inflation will be an ongoing challenge in 2023.

My plate of chicken rice has already gone up from $S5.50 to $S6.50, and I expect inflation to remain quite a challenge for households and businesses in 2023.

Rising interest rates also poses a challenge, but if the economy continues to expand, those challenges are likely to be manageable.

The economic and geopolitical factors that have shaped an unprecedented period for business around the world are not going anywhere soon. 

As 2023 looms, large organisations face a cocktail of influences impacting the way they do business: rapid digitisation, shifting supply chains, geopolitical uncertainty, and the ongoing impacts of the COVID-19 pandemic. 

At ANZ Institutional, we know our customers are looking to position themselves to take advantage of these forces. 

As part of our Outlook 2023 series, we’re asking our subject-matter experts to provide insights in a range of complex areas from across more than 30 markets – helping you better understand how you can prepare for the New Year. We’ll be sharing the responses with you over the coming weeks.


Khoon Goh is Head of Asia Research at ANZ institutional

Outlook 2023: the return of China?
Khoon Goh
Head of Asia Research, ANZ


Sign up
Icon of ANZ logo coming out of an envelope

Receive insights direct to your inbox


Related articles

This publication is published by Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“ANZBGL”) in Australia. This publication is intended as thought-leadership material. It is not published with the intention of providing any direct or indirect recommendations relating to any financial product, asset class or trading strategy. The information in this publication is not intended to influence any person to make a decision in relation to a financial product or class of financial products. It is general in nature and does not take account of the circumstances of any individual or class of individuals. Nothing in this publication constitutes a recommendation, solicitation or offer by ANZBGL or its branches or subsidiaries (collectively “ANZ”) to you to acquire a product or service, or an offer by ANZ to provide you with other products or services. All information contained in this publication is based on information available at the time of publication. While this publication has been prepared in good faith, no representation, warranty, assurance or undertaking is or will be made, and no responsibility or liability is or will be accepted by ANZ in relation to the accuracy or completeness of this publication or the use of information contained in this publication. ANZ does not provide any financial, investment, legal or taxation advice in connection with this publication.