"Thanks to the expected rebound, China's growth could climb to 4.5 to 5 percent in 2023," Dan Steinbock, founder of Difference Group, said in an interview with China Daily.

He added that "the precondition is that the COVID policies will continue to become more flexible and that the global landscape remains manageable".

Steinbock said the global economy had a tough year and the risk of recession cast shadow over the US and Europe. Global economic prospects will improve if China can realize great progress in 2023, unleashing the consumption potential, private sector investment, and the investors' complete confidence.