World Bank Governor's Statement No. 10 - October 13, 2023 - Statement by Dongwei Wang

Jul 19, 2026

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World Bank Governor statement No. 10 dated October 13, 2023 by Dongwei Wang, Alternate Governor of the IBRD for the People’s Republic of China, reviews global economic conditions and development headwinds. It highlights slowed trade, declining FDI, higher financing costs, and overlapping climate, food, and energy insecurity pressures. It calls for responsible macroeconomic policies, an open global economy, strengthened multilateralism, and renewed development partnerships aligned with the 2030 Agenda. It also summarizes China’s 2023 outlook, citing improving demand, stable fiscal and monetary support, and positive employment and price dynamics.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages7

Reading Time18 min

Global Economic Outlook

China’s Economic Outlook

Public Disclosure Authorized Public Disclosure Authorized World Bank Governor's Statement No. 10 October 13, 2023 Statement by the Hon. DONGWEI WANG, Alternate Governor of the IBRD for THE PEOPLE'S REPUBLIC OF CHINA Statement by the Hon. Dongwei Wang, Alternate Governor of the IBRD for the People's Republic of China I. Global Economic Outlook The global economy shows some resilience this year. However, due to the continued tightening of global liquidity, insufficient aggregate demand and the adjustment of the industrial chains, the growth of world trade has slowed down, foreign direct investment has continued to decline and the momentum of global economic growth has weakened. The continued tightening of monetary policies in major advanced economies has led to a sharp increase in the cost of development financing, exacerbating the debt vulnerability of developing countries. At the same time, the intertwined multiple challenges of climate change, food and energy insecurity are adding headwinds to the achievement of the UNSustainable Development Goals. We call on major developed countries to pursue responsible macroeconomic policies, taking into account the spillover effects on the global economy and reducing the negative impact of external shocks on developing countries. We call on all parties to work together to build an open global economy, to uphold the multilateral trading system with the WTO at its core, to oppose the politicization and overstretch the concept of security in economic and trade cooperation, and to ensure the stability and smooth flow of global supply and industrial chains. Promoting global economic growth and addressing serious development challenges cannot be achieved without the concerted efforts of the international community. We call on all parties to focus on the 2030 Agenda for Sustainable Development, to place development at the centre of the international agenda, to promote the exchange of development ideas, the alignment of development policies and the sharing of development resources among countries, and to ensure that the fruits of development benefit all countries and all people. We call for a strengthened global partnership for development. Developed countries should faithfully honour their commitments on development aid, developing countries should deepen South-South cooperation. The international community should increase investment in traditional areas such as poverty eradication and growth, and set new priorities for cooperation on climate change, environmental protection, energy transition and food security, in order to promote stronger, greener and healthier global development and promote the building of a global community of shared future. II. China’s Economic Outlook Since the beginning of this year, the Chinese government has introduced a series of policy packages to promote a marginal improvement in China's key economic indicators, gradually strengthening domestic growth momentum and the overall economic recovery. Domestic demand has continued to recover. On the consumption side, total retail sales of consumer goods from January to August increased by 7% year on year. In terms of investment, national fixed-asset investment increased by 3.2 % year on year from January to August. In terms of trade, the volume of imports and exports of general trade increased by 1.7 % year on year from January to August. Employment and pr ice levels ar e generally positive. In August, the urban unemployment rate fell by 0. 1% month-on-month to 5.2%, the CPI turned from a decline to an increase of 0. 1%, and the PPI fell by 3%, with the rate of decline slowing for two consecutive months. Str uctur al adjustment pr ogressed steadily, with the growth rate of investment in manufacturing, infrastructure and high-tech industries 2.7%, 3.2% and 8. 1% higher than overall investment, respectively. Social expectations impr oved. The indexes of manufacturing output, new orders, services bus

FAQs

What major factors are cited as weakening global economic growth?

Tightening global liquidity, insufficient aggregate demand, slower world trade, declining foreign direct investment, higher development financing costs, and compounding challenges from climate change, food, and energy insecurity are highlighted.

What policy direction does the statement call for from developed countries and all parties?

It urges responsible macroeconomic policies that consider spillover effects, supports building an open global economy, upholding the WTO-centered multilateral trading system, resisting politicization of economic and trade cooperation, and ensuring stable supply and industrial chains.

What does the statement report about China’s economic outlook and policy stance in 2023?

It describes marginal improvement in key indicators, recovering domestic demand, generally positive employment and price developments, and policy support through proactive fiscal measures and a well-targeted, countercyclical monetary approach.

Jul 19, 2026

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