Confidence of intl investors gets big boost

Country's economic rebound buoys hopes amid gloomy global outlook

China's accelerating economic recovery has added to foreign investors' confidence in the world's second-largest economy, international business leaders and economists said.

With the consumption and services sectors recording major recovery, the Chinese economy is expected to offer a glimmer of hope amid the gloomy world economic outlook, although it still faces pressure from insufficient external demand and challenges in sectors like property and private investment, they said.

On the heels of China's release of major economic data for the first quarter of this year, multiple international investment banks and financial institutions, including JPMorgan, Citi and UBS, have raised their forecasts for the country's GDP growth in 2023.