Global Predictions 2023 | China's economy set to grow strongly again, supporting world growth: Vince Cable

In 2023, what new trends can we anticipate in international issues?

In the fourth episode of Global Predictions 2023, Vince Cable, professor in practice at the School of Public Policy, the London School of Economics and Political Science, and former UK secretary of state for business innovation and skills, shares his insights into UK domestic and international issues in the coming year.

On the UK economy, he expects that there will be a recession, negative growth in the first two quarters, but probably a recovery after that. He says inflation is worrying and that Brexit incurred serious costs including labor supply dislocation in key sectors.

He predicts the Chinese economy to grow strongly again and support growth of the world economy. "China has moved very decisively to opening up which is a very positive signal," he says.

He says that China is looking for a higher quality kind of growth based on consumption, rather than heavy investment in infrastructure, and that this is a positive development.

He says UK trade with China depends more than many other countries on services: visitors, tourists and students. And with the optimization of China's COVID-19 policies, British business and British people are keen to restore normal relations with China.

On China-US relations, he sees people in the US Congress who are more extreme, more aggressive and probably do want to suppress Chinese development but also others who are more practical about seeking engagement.

He says within the last year, populism has been retreating, which is a good thing.

Click the video for more of his insights on other UK domestic and international issues.

The opinions of the interviewees reflect their personal views and are not necessarily the views of the People's Daily app.

(Video produced by Zhou Zhuobin and Xing Xue; edited by Han Xiaomeng, Lin Rui, Ye Dangqiang, Xie Runjia and He Shan)