Analysts upgrade China's 2023 earnings projections on reopening hopes

Analysts have upgraded forecasts for Chinese corporate earnings in 2023, on expectations that its economy will benefit from stimulus measures and the easing of COVID-19 restrictions.

Refinitiv data also showed that earnings of Chinese large and mid-cap companies, with market capitalization of at least $1 billion, are expected to rise 17.3 per cent in 2023 on average, the second-highest after India. China's COVID-19 cases remain near record highs. Still, some optimism has emerged as major cities, including Guangzhou, have lifted their lockdowns in recent days, with Vice Premier Sun Chunlan saying the ability of the virus to cause disease was weakening.

Industrials and tech firms are also estimated to post a growth of 30 per cent and 23 per cent, respectively, the IBES data shows.

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