ASIA: According to a report published yesterday by Xinhua, China's financial hub Shanghai saw a record actual use of foreign investment of 23.9 billion US dollars in 2022, according to the municipal commission of commerce.

The east Chinese metropolis now has 891 multinational corporations' regional headquarters and 531 foreign R&D centers.

Shanghai, according to the commission, will make every effort to foster a market-oriented, law-based, and international business environment.

The city will also strive to provide more accurate, convenient, and efficient government services to foreign companies in Shanghai and support them to take root in Shanghai and grow bigger and stronger, it added

China's economy will grow by 5.2 percent in 2023, according to the International Monetary Fund (IMF), 0.8 percentage points higher than the previous October forecast.

“With the full reopening in 2023, growth in China is expected to pick up,” the IMF said in a new update to its World Economic Outlook report.

According to the IMF, global growth will fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024, with the historical average growth rate between 2000 and 2019 being 3.8 percent.

According to the IMF, the rise in central bank rates to combat inflation, as well as the Russia-Ukraine conflict, continue to weigh on economic activity.