More on Morgan Stanley raising its forecast for China's economic growth in 2023

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• Morgan Stanley has raised its China GDP forecast for 2023 to 5.4% (from 5%)

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• Investor positioning in China’s assets is still low and this recovery is not fully priced in equity and FX markets

• expects that with COVID reopening a rebound in activity will come earlier than expected
• had previously expected a rebound in activity to materialize from late 2Q23
• Now we are projecting mobility to improve from early March
• MS says case counts will rise significantly but this impact will be short-lived