Asia and emerging markets sector review – will China hit its growth target?

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Published on 15 November 2023

It was correct at the time of publishing. Our views and any references to tax, investment and pension rules may have changed since then.

As we approach the end of 2023, global financial markets are grappling with numerous headwinds.

Ongoing conflict in the Middle East, the prospect of higher interest rates for longer, and persistent concerns about the Chinese economy are among the key challenges for investors.

A pivotal question for the year remains – can China achieve its 5% growth target – it’s lowest in over 30 years.

Encouragingly, green shoots have started to emerge, with the economy growing by 4.9% year-on-year through September, surpassing market expectations.

President Xi's administration has employed various measures to spur on growth, particularly in the property sector, which forms a material part of the country’s GDP. This sector has plagued the Chinese economy since 2020, following a change in regulation to limit borrowing of real