Analysts upgrade China’s 2023 earnings projections on reopening hopes

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Data shows earnings of Chinese large and mid-cap companies are expected to rise 17.3 per cent in 2023 on average

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.

“We expect significant easing in COVID-19 restrictions in the second quarter. We forecast earnings growth of 15%-20% for MSCI China, which would be underpinned by lower commodity prices, improved economic growth and lower asset write-downs,” said James Wong, strategist at UBS.China’s COVID-19 cases remain near record highs.

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

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